Location: Jacksonville, FL | Metro: Jacksonville, FL HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,500 |
| 1 Bedroom | $1,520 |
| 2 Bedrooms | $1,810 |
| 3 Bedrooms | $2,220 |
| 4 Bedrooms | $2,770 |
| 5 Bedrooms | $3,213 |
| 6 Bedrooms | $3,599 |
| 7 Bedrooms | $3,887 |
| 8 Bedrooms | $4,081 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,810 | $231,868 | 0.78% | D |
| 3BR | $2,220 | $373,831 | 0.59% | F |
| 4BR | $2,770 | $544,553 | 0.51% | F |
| 5BR | $3,213 | $770,103 | 0.42% | F |
U.S. Census Bureau data (2024)
The analysis of ZIP code 32223 in Jacksonville, FL, reveals mixed outcomes for potential Section 8 landlords and small-portfolio investors. To determine if the rent math works, we compare the Fair Market Rent (FMR) set at $1760 for the fiscal year 2024 against the market rent, known as ZORI, which stands at $1,515. This indicates that the rent math does work favorably for landlords participating in the Section 8 program, as they can potentially charge a higher rent compared to the market average.
Regarding the affordability of acquisitions, the median home value in ZIP 32223 is $427,654. With an average Days on Market (DOM) of 52 days and a mere 0.3% share of homes experiencing price cuts, it suggests that the housing market is relatively stable and acquiring properties could be financially feasible for investors. However, the high median home value implies that the initial investment will be significant.
Tenant demand is another critical factor. The population of ZIP 32223 is 26,160, with 20.4% of residents being renters. This percentage translates to approximately 5,330 potential tenants who might seek rental properties through the Section 8 program. Given the sizeable tenant pool, there is a reasonable demand for rental units, which supports the viability of investing in this area.
In summary, for ZIP 32223, the rent math is favorable for Section 8 participation, offering landlords the ability to charge above the market rent. While the acquisition costs are high due to the median home value, the stable housing market and low price-cut share indicate that purchasing properties can be a sound investment. Furthermore, the substantial number of potential tenants ensures a steady demand for rental units. Therefore, despite the high entry barrier, the area presents a good opportunity for those willing to invest in Section 8 properties.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.