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 HUD Fair Market Rent (FMR) for ZIP code 32247 in Jacksonville, Florida, for fiscal year 2024 is set at $1580. This figure represents the maximum amount that a landlord can charge for a Section 8 voucher tenant. However, without specific market rent data for the area, it's challenging to determine exactly how this compares to the actual rental rates being charged.
Based on the available HUD FMR, landlords accepting Section 8 vouchers in ZIP 32247 should experience cashflow that is at least stable, assuming the FMR closely aligns with the average market rent. If the market rents are higher than the FMR, then landlords might find that voucher tenants cashflow marginally or only with premium units, which could mean higher maintenance standards or better locations to justify the higher rent.
The median home value for ZIP 32247 is not provided, making it difficult to calculate an exact rent-to-price ratio. However, understanding this ratio can help investors gauge the overall housing market health and potential for appreciation. Typically, a lower rent-to-price ratio suggests a more favorable environment for buying over renting, while a higher ratio might indicate better cashflow opportunities for landlords.
The days on market (DOM) and the percentage of homes that have been price-cut are not specified for ZIP 32247. These metrics are important when considering the rent-versus-buy dynamics. A high DOM or a significant share of price cuts could signal a sluggish housing market, which might favor rental investments due to reduced competition from homebuyers.
In summary, for Section 8 investors in ZIP 32247, the primary focus should be on the stability provided by the HUD FMR of $1580. While the lack of specific market rent data makes precise predictions challenging, the strength of the Section 8 program ensures a reliable source of income, which is a strong investor angle for those looking to secure long-term, steady cashflow in their real estate portfolio.
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.