Skip to main content
Loading page
Chatham County/Savannah/31406

31406

ZIPSAFMR
Chatham County, GA
Zillow

ZIP Investment Score

102Above average

095130300
BRFMR
Eff. Rent
0 BR$1,450$1,240
1 BR$1,520$1,420
2 BR$1,650$1,610
3 BR$2,150$2,180
4 BR$2,440$2,460
5 BR$2,806Not available
6 BR$3,227Not available
7 BR$3,711Not available
8 BR$4,268Not available

Purchase Price Calculator

Maximum purchase price
$177,329

Cost breakdown

+Likely effective rent$1,610
HUD FMR$1,650
Market rentUsed$1,610
Est. payment standard (98%)$1,620
-Principal and interest-$897
Loan amount$141,863
Down payment$35,466
Rate6.50%
Term30 years
-Operating costs-$513
Property taxes-$177
Insurance-$175
Utilities$0
HOA$0
Management-$161
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$25,918(73.1% ROI)
Projected value
$190,964
Return breakdown
Property appreciation+$13,635
Loan principal paid down+$5,083
Rental cash flow+$7,200
5-year hold
+$44,366(125.1% ROI)
Projected value
$200,631
Return breakdown
Property appreciation+$23,302
Loan principal paid down+$9,064
Rental cash flow+$12,000
10-year hold
+$95,264(268.6% ROI)
Projected value
$226,996
Return breakdown
Property appreciation+$49,667
Loan principal paid down+$21,597
Rental cash flow+$24,000

Public Housing Authority

Loading Public Housing Authority

Rolodex

Loading Rolodex

Market Alignment

Studio
1.17
1 BR
1.07
2 BR
1.02
3 BR
0.98
4 BR
0.99
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 31406 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 31406 (Savannah, GA) is $1,650 a month. That is down 1.2% from $1,670 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, 31406 is tied for the 17th-highest two-bedroom rent (county range $1,520–$2,050). The median county two-bedroom FMR in Georgia is $1,058, so ZIP 31406 is 56% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 31406
BedroomsFY 2027Change90–110% range
Studio$1,4500.0%$1,305–$1,595
1BR$1,5200.0%$1,368–$1,672
2BR$1,650−1.2%$1,485–$1,815
3BR$2,150−3.2%$1,935–$2,365
4BR$2,440−3.6%$2,196–$2,684

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 31406
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,450$1,520$1,650$2,150$2,440
FY 2026$1,450$1,520$1,670$2,220$2,530
FY 2025$1,300$1,410$1,560$2,100$2,420
FY 2024$1,190$1,280$1,440$1,960$2,300
FY 2023$1,030$1,110$1,250$1,710$2,000

Two-bedroom rent in nearby Chatham County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 31406
31401$2,010+21.8%
31402$1,700+3.0%
31403$1,700+3.0%
31404$1,530−7.3%
31405$1,620−1.8%
31406Current$1,650—
31407$2,050+24.2%
31408$1,520−7.9%
31409$1,6500.0%
31410$2,050+24.2%
31411$1,940+17.6%
31412$1,700+3.0%

Questions about ZIP 31406 rents

How much will Section 8 pay for a two-bedroom in ZIP 31406?

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 $1,650 it would be $1,485 to $1,815. 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 31406 in?

ZIP 31406 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 31406 for FY 2027?

The two-bedroom FMR fell 1.2%, from $1,670 in FY 2026 to $1,650 in FY 2027. Since FY 2023 it has risen 32.0%.

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