Location: Jacksonville, FL | Metro: Jacksonville, FL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,780 |
| 1 Bedroom | $1,800 |
| 2 Bedrooms | $2,150 |
| 3 Bedrooms | $2,640 |
| 4 Bedrooms | $3,290 |
| 5 Bedrooms | $3,816 |
| 6 Bedrooms | $4,274 |
| 7 Bedrooms | $4,616 |
| 8 Bedrooms | $4,847 |
U.S. Census Bureau data (2024)
The ZIP code 32227 is situated in a predominantly rental-focused neighborhood with a population of 3,207 residents. A staggering 97.8% of these residents are renters, indicating a strong demand for rental properties. The median household income in this area stands at $85,833, suggesting a relatively affluent community. However, the median home value is listed as N/A, which implies that there might be limited homeownership data available or that the area is almost entirely comprised of rental properties.
Moving into the economic specifics of renting in ZIP 32227, the Fair Market Rent (FMR) for the fiscal year 2024 is set at $2,400. This figure is notably higher than the market rent reported by the Census Bureau's American Community Survey (ACS), which is $1,799. The disparity between the FMR and the market rent suggests an opportunity for landlords who can position their properties closer to the FMR without pricing themselves out of the market entirely. This could be achieved through strategic property improvements or by offering amenities that justify the higher rent.
Given the characteristics of ZIP 32227, it would likely appeal to both hands-off voucher operators and hands-on value-add buyers. For hands-off operators, the high percentage of renters and the availability of vouchers at the FMR level provide a stable income stream. On the other hand, value-add buyers could leverage the gap between the FMR and market rent to enhance property values and rents over time, thereby increasing their returns on investment. Whether to adopt a hands-off or hands-on strategy will depend on the landlord’s or investor’s goals and risk tolerance.
Data Sources: FMR data from HUD (2027). 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.