Location: Baker County, FL | Metro: Baker County, FL HUD Metro FMR Area
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 | $890 |
| 1 Bedroom | $900 |
| 2 Bedrooms | $1,070 |
| 3 Bedrooms | $1,480 |
| 4 Bedrooms | $1,640 |
| 5 Bedrooms | $1,902 |
| 6 Bedrooms | $2,130 |
| 7 Bedrooms | $2,300 |
| 8 Bedrooms | $2,415 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,480 | $369,889 | 0.4% | F |
| 4BR | $1,640 | $454,219 | 0.36% | F |
U.S. Census Bureau data (2024)
The ZIP code 32040 is primarily a homeowner-dominated area with a relatively low percentage of renters at 14.4%. This suggests that the demand for rental properties, particularly those utilizing Section 8 vouchers, is likely to be less intense compared to areas with a higher proportion of renters.
The median household income in this ZIP code stands at $84,095, which provides a useful benchmark for assessing the affordability of rent. The typical market rent of $1,189 represents approximately 14.1% of the median income, calculated as ($1,189 / $84,095) * 100. This indicates that rent is reasonably affordable for most residents, although it still constitutes a significant portion of their income.
Comparing the market rent to the Fair Market Rent (FMR) figure of $1,130, we see that the market rent slightly exceeds the FMR. This means that landlords in this area might find themselves needing to adjust their expectations if they wish to participate in the Section 8 program, as the rents they can charge under the voucher system are capped at the FMR level.
In terms of tenant profiles, landlords in ZIP 32040 should anticipate working with tenants who are financially stable enough to afford a significant portion of their income towards rent. However, given the lower percentage of renters, there may be fewer applicants overall seeking rental properties through Section 8 vouchers. Landlords will need to balance their desire for rental income with the limitations imposed by the voucher system, potentially offering amenities or services that appeal to voucher holders to attract them to the area.
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.