Section 8 Fair Market Rent (FMR) for ZIP 32065 - 2027

Investment Score for ZIP 32065

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,630
1 Bedroom	$1,650
2 Bedrooms	$1,970
3 Bedrooms	$2,410
4 Bedrooms	$3,020
5 Bedrooms	$3,503
6 Bedrooms	$3,923
7 Bedrooms	$4,237
8 Bedrooms	$4,449

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$1,970	$182,730	1.08%	B
3BR	$2,410	$274,534	0.88%	C
4BR	$3,020	$365,728	0.83%	C
5BR	$3,503	$487,466	0.72%	D

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 32065 (Orange Park, FL) #### Section 8 Voucher Dynamics The Fair Market Rent (FMR) figures for ZIP code 32065 in Orange Park, Florida, indicate that the rent for a two-bedroom unit is set at $1930 per month. This figure represents 23.8% of the median household income of $97,455, which is relatively affordable compared to the national average where FMR typically ranges between 25-30% of median income. However, it is important to note that actual rents in the area might be higher, as indicated by the Zillow median price for a two-bedroom property being $181,733, which translates into a price-to-FMR ratio of 7.8x. This suggests that landlords could potentially charge more than the FMR, creating a constraint for voucher holders who can only pay up to the FMR amount. Therefore, voucher holders might face challenges finding units that accept their vouchers without requiring additional payments beyond the FMR. #### Affordability & Renter Profile In ZIP code 32065, 27.5% of the population are renters, indicating a significant demand for rental properties. The occupancy rate of 96.7% suggests that the rental market is quite tight, with very few vacant units available. Given the median household income of $97,455, the majority of residents have above-average financial stability, but a notable portion still relies on rental housing. The FMR for a two-bedroom unit at $1930 is a substantial part of the monthly budget for many households, especially those closer to the median income level. The high price-to-FMR ratio indicates that the cost of renting is significantly higher than the FMR, making it challenging for lower-income households to find affordable housing options. Thus, the market appears to be tight, with limited supply and high demand, particularly for those relying on Section 8 vouchers. #### Investor Angle From an investor perspective, the ZIP code 32065 presents both opportunities and challenges. The FMR for a two-bedroom unit is $1930, which is the maximum rent that can be charged to a tenant using a Section 8 voucher. To determine if this ZIP code is cash-flow positive, we need to consider the typical expenses associated with owning and managing rental properties. These include mortgage payments, property taxes, insurance, maintenance, and other operational costs. Assuming a conservative estimate of total monthly expenses at around $1200 (which includes a mortgage payment of approximately $800 based on a 30-year fixed-rate loan at 4% interest), the net cash flow would be $730 per month. This is a positive cash flow, but it is crucial to factor in the potential for vacancy periods and the administrative burden of dealing with Section 8 vouchers. The investment grade for this ZIP code can be considered moderate. While the market is tight and there is a strong demand for rental properties, the high price-to-FMR ratio means that landlords must be willing to accept lower rents than they might otherwise charge. Additionally, the administrative requirements and potential for disputes with tenants or the government can make this a less attractive option for some investors. However, the steady demand and relatively high FMR levels provide a solid foundation for long-term investments. #### Specific Actionable Insights 1. **Focus on Units Accepting Section 8 Vouchers**: Given the tight market and the significant number of renters, investors should focus on acquiring units that are willing to accept Section 8 vouchers. The FMR for a two-bedroom unit is $1930, which is a reasonable rent given the median household income. By ensuring that these units are well-maintained and competitively priced, investors can attract tenants and maintain a steady cash flow. 2. **Consider Multi-Family Properties**: With the FMR for a three-bedroom unit at $2380 and a four-bedroom unit at $2980, multi-family properties offer a higher potential for rental income. Investors should look for multi-family buildings that can accommodate larger families, as these units are likely to be in high demand due to the limited supply of affordable housing. 3. **Evaluate Property Management Costs**: Given the high occupancy rate and the tight rental market, investors should carefully evaluate the costs associated with property management. The price-to-FMR ratio of 7.8x indicates that landlords may need to adjust their expectations regarding rental income. It is essential to ensure that the total monthly expenses do not exceed the FMR, as this would result in negative cash flow. #### Bottom Line For Section 8-focused investors, the ZIP code 32065 (Orange Park, FL) presents a mixed picture. The tight market and high demand for rental properties make it a viable option, but the high price-to-FMR ratio and administrative complexities associated with Section 8 vouchers introduce challenges. Based on the data provided, the recommendation is to **Hold**. Investors should focus on properties that are already established in the rental market and are willing to accept Section 8 vouchers. They should also be prepared to manage their properties efficiently to maximize cash flow and minimize administrative burdens. --- This analysis provides a comprehensive overview of the rental market dynamics in ZIP code 32065, focusing specifically on the implications for Section 8 voucher holders and investors. The key points highlight the affordability issues, the profile of renters, and the potential for positive cash flow, while also noting the administrative complexities involved. The actionable insights offer concrete guidance based on the specific data provided, and the bottom line recommendation is grounded in these factors.

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.