Location: Suwannee County, FL | Metro: Columbia County, FL
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $900 |
| 1 Bedroom | $940 |
| 2 Bedrooms | $1,190 |
| 3 Bedrooms | $1,430 |
| 4 Bedrooms | $1,580 |
| 5 Bedrooms | $1,833 |
| 6 Bedrooms | $2,053 |
| 7 Bedrooms | $2,217 |
| 8 Bedrooms | $2,328 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $940 | $154,106 | 0.61% | D |
| 2BR | $1,190 | $235,642 | 0.51% | F |
| 3BR | $1,430 | $330,722 | 0.43% | F |
| 4BR | $1,580 | $419,279 | 0.38% | F |
U.S. Census Bureau data (2024)
The median household income in ZIP code 32038, Fort White, Florida, stands at $65,753. At first glance, this figure might suggest a decent financial standing for local residents. However, when considering the market rate for rent, which is set at $850 according to the Census ACS, the situation becomes more nuanced. To determine if a household can truly afford this rental price, we must consider the proportion of their income dedicated to housing costs.
A household earning the median income would struggle to allocate a significant portion of their earnings towards rent. The market rate of $850 represents a substantial monthly expense, especially when compared to the median income. In fact, a household would need to spend approximately 15.3% of their annual income on rent alone, which is higher than the recommended 30% of monthly income for housing expenses. This indicates a clear affordability challenge for many renters in the area.
Furthermore, the Federal Market Rent (FMR) standard for ZIP 32038, which is set at $1,270 for the fiscal year 2026, significantly exceeds the current market rate. This suggests that while the market rate is already challenging for some households, the voucher payment standard offers a much higher subsidy, potentially attracting more tenants who are seeking affordable housing options.
With only 11.9% of the 10,007 population being renters, the competition among landlords for available tenants is relatively low. However, this also means that the pool of potential renters is limited, and landlords must be strategic in how they position their properties and pricing to attract tenants.
The affordability gap between the median income and the market rate, combined with the higher voucher payment standard, presents a unique scenario for landlords. They must weigh the benefits of accepting Section 8 vouchers, which guarantee a steady and often higher rental income, against the potential challenges of dealing with the bureaucratic processes associated with voucher programs.
Takeaway: Landlords in Fort White should consider the high demand for affordable housing and the limited number of renters. Accepting Section 8 vouchers could provide a reliable stream of income, despite the lower percentage of renters. For those who prefer to avoid the complexities of voucher programs, maintaining competitive market rates below the FMR could still attract tenants willing to pay out-of-pocket, though it requires careful management of property costs and expectations.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). Demographics from U.S. Census (2024).
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.