Location: Madison County, FL | Metro: Madison 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 | $790 |
| 1 Bedroom | $880 |
| 2 Bedrooms | $980 |
| 3 Bedrooms | $1,260 |
| 4 Bedrooms | $1,390 |
| 5 Bedrooms | $1,612 |
| 6 Bedrooms | $1,805 |
| 7 Bedrooms | $1,949 |
| 8 Bedrooms | $2,046 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,260 | $290,000 | 0.43% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 32059 is set at $1,070 for metro FY 2026. This figure represents the payment standard for Section 8 housing vouchers in the area, which means it's the maximum amount that the government will pay toward a tenant's rent. However, this does not dictate the actual rent you can charge; it merely sets an upper limit for the government subsidy.
To put this into perspective, the average rent in ZIP 32059, according to the latest Census American Community Survey (ACS), is $769. This indicates that the FMR is higher than the typical market rate, potentially making Section 8 rentals more attractive for landlords due to the higher subsidy amount.
The 15.8% share of renters in the area suggests a steady demand for rental properties. Given this percentage, you can expect a significant portion of the population to be interested in renting your property, especially if they qualify for Section 8 assistance.
When considering the acquisition cost of a rental property in ZIP 32059, the median home value stands at $258,199. This figure can help you estimate the initial investment required to purchase a property suitable for Section 8 tenants.
Before committing to a Section 8 rental property, verify that the property meets all local housing quality standards, known as the Housing Quality Standards (HQS). These standards ensure the property is safe, decent, and sanitary for tenants. Compliance with HQS is mandatory for landlords who wish to participate in the Section 8 program.
In conclusion, the FMR of $1,070 provides a financial benchmark for subsidies, while the average rent of $769 reflects the local market conditions. With a 15.8% renter share, there is a reliable demand for rental properties, and the median home value of $258,199 gives you an idea of the acquisition cost. Ensuring your property meets HQS is crucial for successful participation in the Section 8 program.
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.