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 |
The economics of Section 8 in ZIP code 32245, located in Jacksonville County, Florida, are straightforward. For a two-bedroom rental unit, the SAFMR (Small Area Fair Market Rent) is set at $1580 for fiscal year 2024. This figure is specifically tailored for this ZIP code, reflecting local housing conditions.
A landlord might wonder what exactly a voucher pays out when considering tenant contributions and utility allowances. The voucher payment is calculated based on the difference between the SAFMR and the tenant's portion of the rent, which is typically 30% of their income. Utility allowances vary but are generally around $200 per month for a two-bedroom unit.
To illustrate, if a tenant's income is $1000 per month, their contribution would be $300 (30% of $1000). The voucher would cover the remaining $1280 ($1580 - $300), plus an additional utility allowance of $200, totaling $1480. This means the landlord receives $1480 per month, which includes both the rent and utilities.
The SAFMR for ZIP 32245 ensures that the rate is reflective of the local rental market conditions. However, since the local market rent data is currently unavailable, it's important to note that the SAFMR serves as a guideline for what is considered a fair rent in this specific ZIP code.
In summary, landlords can expect a reimbursement of up to $1480 per month for a two-bedroom unit under the Section 8 program in ZIP 32245, assuming the tenant's income is $1000 and they contribute 30%. If the actual market rent exceeds $1580, landlords will face a reimbursement gap, meaning they receive less than the market rate. Conversely, if the market rent is below $1580, landlords may benefit from a surplus, receiving more than the typical market rate.
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.