Section 8 Fair Market Rent (FMR) for ZIP 32224 - 2027

Investment Score for ZIP 32224

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,610
1 Bedroom	$1,640
2 Bedrooms	$1,950
3 Bedrooms	$2,390
4 Bedrooms	$2,990
5 Bedrooms	$3,468
6 Bedrooms	$3,884
7 Bedrooms	$4,195
8 Bedrooms	$4,405

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
1BR	$1,640	$148,230	1.11%	B
2BR	$1,950	$206,409	0.94%	C
3BR	$2,390	$425,298	0.56%	F
4BR	$2,990	$638,900	0.47%	F
5BR	$3,468	$1,023,347	0.34%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 32224 (Jacksonville, FL) #### Section 8 Voucher Dynamics In ZIP code 32224, the Fair Market Rent (FMR) for a two-bedroom apartment is set at $1930 per month for 2026. This figure represents 26.2% of the median household income of $73,684 ($88,259 * 0.83), which is a reasonable percentage for rent affordability. However, it is important to note that actual rental prices can often exceed these guidelines. The Zillow median price for a two-bedroom home in this area is $210,599, which translates to a monthly mortgage payment of approximately $1050 assuming a 30-year fixed-rate mortgage at 4.5%. Adding property taxes, insurance, and maintenance costs, the total monthly cost could rise to around $1200-$1300. Therefore, the FMR of $1930 might be slightly higher than what landlords would typically charge for a mortgage-based rental property, but it still leaves room for profit. The constraints for voucher holders include finding units that accept vouchers and are willing to rent at or below the FMR. Given the occupancy rate of 93.6%, there is limited vacancy, making it challenging for voucher holders to find suitable housing. Additionally, the high rent-to-income ratio suggests that voucher holders may struggle to find properties that fit their budget, especially if they have additional expenses or need larger units. #### Affordability & Renter Profile ZIP code 32224 has a significant renter population, with 45.8% of residents renting their homes. The median household income of $88,259 indicates a relatively affluent neighborhood, but the high rent-to-income ratio (9.1x) for a two-bedroom unit suggests that the market is tight and expensive. This means that while many residents can afford to rent, the cost is substantial relative to their income. Given the high occupancy rate and the rent-to-income ratio, it is likely that the market is undersupplied, particularly for affordable units. The high demand for rental properties, combined with limited supply, creates a competitive environment where landlords can charge close to or above the FMR without much difficulty. This situation makes it difficult for low-income renters to find affordable housing, even with a Section 8 voucher. #### Investor Angle From an investor perspective, the ZIP code 32224 offers potential for cash flow-positive investments at the FMR levels. For example, a two-bedroom unit rented at $1930 per month would generate a significant income stream. Assuming a purchase price of $210,599, the monthly mortgage payment would be around $1050, leaving a net rental income of $880 before accounting for other expenses such as property taxes, insurance, and maintenance. Property taxes in Duval County average about 1.1% of the property value, so for a $210,599 home, the annual tax would be approximately $2316, or $193 per month. Insurance costs vary but can be estimated at $100-$150 per month. Maintenance costs can range from $50-$100 per month. Adding these up, the total monthly expenses would be around $443-$493, leaving a net cash flow of $387-$437 per month. This ZIP code would be considered a moderate to high investment grade due to the strong demand for rental properties and the relatively high FMR compared to the purchase price. However, the tight market conditions mean that competition for tenants is fierce, and landlords must ensure their properties are well-maintained and competitively priced to attract and retain tenants. #### Specific Actionable Insights 1. **Focus on Two-Bedroom Units**: Given the high demand and the fact that the FMR for a two-bedroom unit is $1930, which is only 26.2% of the median income, investing in two-bedroom units would likely yield the best returns. These units are most aligned with the typical needs of families and individuals who use Section 8 vouchers. 2. **Consider Larger Units for Higher Profits**: While the FMR for a three-bedroom unit is $2380, which is 27.0% of the median income, this ZIP code may also support higher-end rentals. Investors could consider purchasing three-bedroom units and renting them out at slightly above FMR levels, given the high median income and the tight market. This strategy could provide a better cash flow and potentially higher profits. 3. **Maintain High-Quality Properties**: With a high occupancy rate and limited vacancy, maintaining a high-quality property is crucial to attracting and retaining tenants. Landlords should invest in regular maintenance and upgrades to keep their units competitive and desirable. #### Bottom Line For Section 8-focused investors, the ZIP code 32224 presents a mixed picture. On one hand, the high demand for rental properties and the relatively high FMR suggest that there is potential for positive cash flow. On the other hand, the tight market and high rent-to-income ratio indicate that finding tenants who can utilize Section 8 vouchers might be challenging. **Recommendation**: **Hold**. Investors should carefully evaluate the specific properties and the local rental market dynamics before committing to a purchase. The ZIP code 32224 is a good location for rental investments, but the focus should be on properties that are well-suited for families and individuals who use Section 8 vouchers, while also considering the possibility of renting at slightly above FMR levels to maximize profitability.

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.