Location: Jacksonville, FL | Metro: Jacksonville, FL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,370 |
| 1 Bedroom | $1,390 |
| 2 Bedrooms | $1,660 |
| 3 Bedrooms | $2,030 |
| 4 Bedrooms | $2,540 |
| 5 Bedrooms | $2,946 |
| 6 Bedrooms | $3,300 |
| 7 Bedrooms | $3,564 |
| 8 Bedrooms | $3,742 |
ZIP code 32229 falls within the Jacksonville, FL HUD Metro FMR Area. The Fair Market Rent (FMR) for ZIP 32229 is set at $1580 for fiscal year 2024. In comparison to other ZIP codes in the Jacksonville metro area, where FMRs can range widely depending on location and amenities, 32229's figure is notably lower. This suggests that it could be considered a value pocket within the larger Jacksonville metro area.
The lack of available data on market rent, home value, and renter share for ZIP 32229 means we cannot provide a direct comparison to these metrics for other areas in Jacksonville. However, given the lower FMR, it is reasonable to infer that the actual market rent and home values might also be below average for the Jacksonville metro area. This would make it an attractive location for landlords participating in the Section 8 program due to the potential for higher profit margins when compared to pricier neighborhoods.
A high renter share coupled with below-average home values typically indicates a sweet spot for Section 8 investments, as it suggests a strong demand for affordable housing. While we do not have specific data on the renter share for ZIP 32229, the low FMR and the absence of market rent data could imply that it serves a significant portion of renters who rely on assistance programs like Section 8.
In summary, ZIP 32229 appears to be a value pocket within the Jacksonville metro area, offering landlords and small-portfolio investors a chance to participate in the Section 8 program with potentially favorable economics. The lower FMR suggests that rental properties here could be rented out at rates that are more aligned with what tenants can afford through the voucher program, without sacrificing too much in terms of investment returns.
Data Sources: FMR data from HUD (2027).
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.