Section 8 Fair Market Rent (FMR) for ZIP 32092 - 2027

Investment Score for ZIP 32092

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	$2,100
1 Bedroom	$2,130
2 Bedrooms	$2,540
3 Bedrooms	$3,110
4 Bedrooms	$3,890
5 Bedrooms	$4,512
6 Bedrooms	$5,053
7 Bedrooms	$5,457
8 Bedrooms	$5,730

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	$2,130	$218,447	0.98%	C
2BR	$2,540	$345,511	0.74%	D
3BR	$3,110	$391,224	0.79%	D
4BR	$3,890	$500,418	0.78%	D
5BR	$4,512	$646,537	0.7%	D

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 32092 (Saint Augustine, FL) #### Section 8 Voucher Dynamics The Fair Market Rent (FMR) for ZIP code 32092 in 2026 is set at $2470 for a two-bedroom unit, which represents 22.6% of the median household income of $131,020. This suggests that the FMR is relatively affordable compared to the overall income levels in the area. However, the actual rental market is significantly higher, with Zillow reporting a median price for a two-bedroom home of $342,762. The price-to-FMR ratio is 11.6x, indicating that the actual market rent is much higher than what is considered fair by HUD standards. This disparity creates significant constraints for voucher holders. For instance, a voucher holder would struggle to find a two-bedroom unit renting at $2470 when the market rent is likely closer to $342,762. In practice, landlords might be hesitant to accept vouchers due to the high demand for rentals and the potential for higher market rates. Additionally, the voucher amount may not cover the entire rent, leaving tenants with a substantial out-of-pocket expense. #### Affordability & Renter Profile Given that only 12.8% of the population are renters, the market is relatively tight. With a median household income of $131,020, most residents can afford to purchase homes rather than rent them. The occupancy rate of 91.1% further supports the idea that there is limited availability of rental units, making it a competitive market for those seeking to rent. The high median household income implies that the typical renter in this area has above-average financial stability. However, the small percentage of renters indicates that this is primarily a homeowner-dominated market. Consequently, the demand for rental properties is lower, but the competition among renters is higher due to the limited supply. This makes it a challenging environment for low-income individuals who rely on Section 8 vouchers, as they may face difficulties finding suitable housing. #### Investor Angle From an investor perspective, the ZIP code 32092 presents a mixed picture. The FMR for a two-bedroom unit is $2470, which is considerably lower than the market rent of $342,762. Given the high median household income and the limited number of renters, the likelihood of achieving cash flow positivity solely through Section 8 rents is slim. Landlords would need to consider additional sources of revenue or alternative strategies to make their investments profitable. The investment grade in this market is likely to be moderate to low, especially if the focus is strictly on Section 8 vouchers. The high price-to-FMR ratio suggests that properties priced at FMR levels will not attract many market-rate tenants, leading to potential vacancy issues. Moreover, the limited rental market means that there is less flexibility for adjusting rents based on market conditions. #### Specific Actionable Insights 1. **Focus on Smaller Units**: Given the high price-to-FMR ratio, investing in smaller units such as one-bedroom apartments could be more feasible. The FMR for a one-bedroom unit is $2060, which is still a fraction of the median household income. While the demand for these units may be lower, they are more likely to be rented at or near FMR levels. 2. **Consider Mixed-Income Developments**: Developing properties that cater to both market-rate and Section 8 tenants could help mitigate risks. By offering a mix of units at different price points, investors can ensure steady occupancy and potentially balance out the lower rents from voucher holders with higher rents from market-rate tenants. 3. **Evaluate Long-Term Appreciation Potential**: Given the high median household income and the limited supply of rental units, the long-term appreciation potential for properties in this ZIP code could be strong. Investors should consider the possibility of holding onto properties for longer periods to benefit from capital gains, even if short-term cash flow is modest. #### Bottom Line For Section 8-focused investors, the recommendation for ZIP code 32092 is to **Skip**. The high price-to-FMR ratio and the limited rental market make it difficult to achieve positive cash flow using only Section 8 rents. Instead, investors might want to explore other ZIP codes with a higher percentage of renters and a more favorable price-to-FMR ratio. Alternatively, they could consider mixed-income developments or properties with smaller units to better align with the local rental dynamics.

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.