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Chatham County/Savannah/31404

31404

ZIPSAFMR
Chatham County, GA
Zillow

ZIP Investment Score

121Above average

095130300
BRFMR
Eff. Rent
0 BR$1,350$1,210
1 BR$1,410$1,290
2 BR$1,530$1,640
3 BR$2,020$2,200
4 BR$2,300$2,530
5 BR$2,645Not available
6 BR$3,042Not available
7 BR$3,498Not available
8 BR$4,023Not available

Purchase Price Calculator

Maximum purchase price
$181,787

Cost breakdown

+Likely effective rent$1,640
HUD FMR$1,530
Market rent$1,700
Est. payment standard (107%)Used$1,640
-Principal and interest-$919
Loan amount$145,429
Down payment$36,357
Rate6.50%
Term30 years
-Operating costs-$521
Property taxes-$182
Insurance-$175
Utilities$0
HOA$0
Management-$164
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$26,388(72.6% ROI)
Projected value
$195,765
Return breakdown
Property appreciation+$13,978
Loan principal paid down+$5,210
Rental cash flow+$7,200
5-year hold
+$45,180(124.3% ROI)
Projected value
$205,675
Return breakdown
Property appreciation+$23,888
Loan principal paid down+$9,292
Rental cash flow+$12,000
10-year hold
+$97,056(266.9% ROI)
Projected value
$232,703
Return breakdown
Property appreciation+$50,916
Loan principal paid down+$22,140
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.12
1 BR
1.09
2 BR
0.90
3 BR
0.88
4 BR
0.84
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 31404 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 31404 (Savannah, GA) is $1,530 a month. That is down 4.4% from $1,600 in FY 2026. Savannah is in the Savannah, GA MSA. HUD also publishes the ZIP-level Small Area FMRs shown here, but unless the local housing authority has adopted them, vouchers are based on the metro-wide two-bedroom FMR of $1,679. Among 23 ZIP codes in Chatham County, 31404 has the 20th-highest two-bedroom rent (county range $1,520–$2,050). The median county two-bedroom FMR in Georgia is $1,058, so ZIP 31404 is 45% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 31404
BedroomsFY 2027Change90–110% range
Studio$1,350−2.9%$1,215–$1,485
1BR$1,410−3.4%$1,269–$1,551
2BR$1,530−4.4%$1,377–$1,683
3BR$2,020−5.2%$1,818–$2,222
4BR$2,300−5.3%$2,070–$2,530

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 31404
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,350$1,410$1,530$2,020$2,300
FY 2026$1,390$1,460$1,600$2,130$2,430
FY 2025$1,230$1,330$1,470$1,980$2,280
FY 2024$1,120$1,210$1,360$1,850$2,170
FY 2023$960$1,040$1,170$1,600$1,870

Two-bedroom rent in nearby Chatham County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 31404
31401$2,010+31.4%
31402$1,700+11.1%
31403$1,700+11.1%
31404Current$1,530—
31405$1,620+5.9%
31406$1,650+7.8%
31407$2,050+34.0%
31408$1,520−0.7%
31409$1,650+7.8%
31410$2,050+34.0%
31411$1,940+26.8%
31412$1,700+11.1%

Questions about ZIP 31404 rents

How much will Section 8 pay for a two-bedroom in ZIP 31404?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,679, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,511 to $1,847 a month; under the ZIP-level Small Area FMR of $1,530 it would be $1,377 to $1,683. The voucher pays the lower of the payment standard or the gross rent, minus the tenant's share, which is usually about 30% of adjusted monthly income. Confirm the local housing authority's current schedule before underwriting.

Which HUD fair market rent area is ZIP 31404 in?

ZIP 31404 is in the Savannah, GA MSA. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,679.

How much did fair market rent change in ZIP 31404 for FY 2027?

The two-bedroom FMR fell 4.4%, from $1,600 in FY 2026 to $1,530 in FY 2027. Since FY 2023 it has risen 30.8%.

When do FY 2027 fair market rents take effect?

HUD's FY 2027 fair market rents took effect on October 1, 2026. When FMRs change, housing authorities generally have up to three months to bring payment standards back within 90% to 110% of the new FMR.

Source: HUD FY 2027 Small Area Fair Market Rents and area FMRs. Payment-standard ranges are 90% to 110% of FMR, HUD's basic range, not a housing authority's published schedule. How payment standards are set

County fair market rentSavannah, GA fair market rentGA statewide rentsWhat is SAFMR?Data sources