Location: Madison County, FL | Metro: Lafayette County, FL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,060 |
| 1 Bedroom | $1,100 |
| 2 Bedrooms | $1,200 |
| 3 Bedrooms | $1,570 |
| 4 Bedrooms | $1,580 |
| 5 Bedrooms | $1,833 |
| 6 Bedrooms | $2,053 |
| 7 Bedrooms | $2,217 |
| 8 Bedrooms | $2,328 |
U.S. Census Bureau data (2024)
25.3% of residents in ZIP code 32066 are renters, indicating a significant portion of the population that could be interested in affordable housing options. $251,345 is the median home value in this area, which is a key figure for understanding property investment potential. However, the median income of $63,086 suggests that many residents may struggle to afford market rents, especially when considering that the Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $1,310. This means that properties priced above this amount may not be accessible to those receiving Section 8 assistance.
$919 is the average market rent based on Census ACS data, which is notably lower than the FMR. This discrepancy highlights the affordability gap in the local rental market, where properties priced closer to the FMR might not attract tenants due to their higher cost compared to the average market rate. The 0.2% price-cut share indicates that very few landlords have had to reduce their asking prices, suggesting a relatively stable rental market.
The lack of data on days on market (DOM) makes it challenging to assess how quickly rental units are typically filled in this area. However, the combination of the low median income, the disparity between market rent and FMR, and the stable rental market suggests that Section 8 vouchers could play a crucial role in helping tenants afford housing. Landlords who accept Section 8 vouchers can expect a steady stream of tenants who are financially supported to pay rents up to $1,310, aligning with the FMR guidelines.
In conclusion, for landlords and small-portfolio investors in ZIP 32066, accepting Section 8 vouchers presents an opportunity to tap into a segment of the market that may otherwise struggle to find affordable housing. The stability of the rental market and the financial support provided by Section 8 make it a viable option for ensuring consistent occupancy and cash flow.
Section 8 Verdict: Acceptable.
Data Sources: FMR data from HUD (2027). 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.