Section 8 Fair Market Rent (FMR) for ZIP 32068 - 2027

Investment Score for ZIP 32068

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	$1,350
1 Bedroom	$1,370
2 Bedrooms	$1,630
3 Bedrooms	$2,000
4 Bedrooms	$2,500
5 Bedrooms	$2,900
6 Bedrooms	$3,248
7 Bedrooms	$3,508
8 Bedrooms	$3,683

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
1BR	$1,370	$135,058	1.01%	B
2BR	$1,630	$224,221	0.73%	D
3BR	$2,000	$295,080	0.68%	D
4BR	$2,500	$372,862	0.67%	D
5BR	$2,900	$470,792	0.62%	D

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 32068 (Middleburg, FL) #### Section 8 Voucher Dynamics In ZIP code 32068, the Fair Market Rent (FMR) for a two-bedroom unit is set at $1670 per month. This represents 23.7% of the median household income of $84,431, indicating that it is a relatively affordable rent for the average resident. However, the actual rents charged by landlords can be significantly higher. The Zillow median price for a two-bedroom home is $221,204, which translates into a monthly rental cost that is approximately 11 times the FMR. This suggests that actual rents are likely much higher than the FMR, potentially creating significant challenges for Section 8 voucher holders who are limited to paying no more than the FMR. The constraints for voucher holders are clear: they must find housing that fits within their budget, which is capped at the FMR. Given the high actual rents compared to the FMR, voucher holders may struggle to secure suitable housing in Middleburg, FL. For instance, a three-bedroom unit has an FMR of $2060, but the actual rental costs could be substantially higher due to the price-to-FMR ratio. #### Affordability & Renter Profile Middleburg, FL, has a population of 58,983, with 20.7% of residents being renters. This indicates a moderate rental market presence, but the occupancy rate of 94.7% suggests that there is little vacancy and the market is relatively tight. The high occupancy rate implies that there is strong demand for rental properties, which could contribute to upward pressure on rents. Given the median household income of $84,431, the affordability of renting a two-bedroom unit at $1670 per month is reasonable, representing only about 23.7% of the median income. However, the high price-to-FMR ratio of 11.0x means that the actual rental costs are far above the FMR. This creates a challenging environment for lower-income residents who rely on Section 8 vouchers, as they will have limited options and may face difficulties finding affordable housing. #### Investor Angle From an investor perspective, the ZIP code 32068 presents a mixed picture. While the median household income is relatively high, the actual rents charged are significantly higher than the FMR. This means that investors who rely solely on FMR to determine rental rates may struggle to achieve positive cash flow. For example, if an investor purchases a two-bedroom property at the Zillow median price of $221,204 and aims to rent it out at the FMR of $1670, they would need to ensure that their mortgage payments, maintenance costs, and other expenses do not exceed this amount. Given the high price-to-FMR ratio, achieving positive cash flow at FMR levels is unlikely without substantial subsidies or additional revenue sources. The investment grade for this ZIP code would be considered low for Section 8-focused investors due to the high actual rents relative to the FMR. Investors should carefully consider the financial feasibility of their investments and the potential for long-term profitability. #### Specific Actionable Insights 1. **Target Lower-Rent Properties**: Investors should focus on acquiring properties that are priced closer to the FMR levels. For instance, a two-bedroom unit priced at $1670 per month would be more attractive to Section 8 voucher holders than those priced at the Zillow median. This could involve purchasing older or less desirable units that are more likely to be rented at FMR levels. 2. **Consider Subsidies and Additional Revenue Sources**: Given the high price-to-FMR ratio, investors might need to seek additional subsidies or revenue sources to make their investments financially viable. This could include government programs beyond Section 8, such as Low-Income Housing Tax Credits (LIHTC), or incorporating amenities and services that can generate extra income. 3. **Engage with Local Real Estate Agents and Property Managers**: To better understand the local rental market dynamics, investors should engage with local real estate agents and property managers. They can provide insights into the types of properties that are most in demand and the actual rents being charged, which can help investors make informed decisions about pricing and marketing their properties. #### Bottom Line For Section 8-focused investors, the recommendation for ZIP code 32068 is to **Skip**. The high price-to-FMR ratio makes it difficult to achieve positive cash flow, and the tight rental market suggests that actual rents are well above the FMR. Unless investors can find properties priced significantly below the Zillow median or can secure additional subsidies and revenue sources, the risk of negative cash flow is too high to justify investment in this 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.