Section 8 Fair Market Rent (FMR) for ZIP 32115 - 2027

FY 2027 Fair Market Rent Rates

The economics of Section 8 in ZIP code 32115, which encompasses parts of Deltona, Daytona Beach, and Ormond Beach in Volusia County, Florida, hinge on the Specific Area Fair Market Rent (SAFMR) for a two-bedroom apartment, set at $1410 per month for fiscal year 2024. This SAFMR is specifically tailored for this ZIP code, reflecting the unique housing costs and conditions within it.

A landlord participating in the Section 8 program receives rental payments from the government on behalf of their tenants. These payments cover a significant portion of the rent but not the entire amount. For a two-bedroom unit, the tenant is responsible for paying 30% of their adjusted income towards rent, while the government covers the remainder up to the SAFMR limit.

To illustrate, let's assume a tenant has an adjusted monthly income of $1000. They would pay 30% of this income, or $300, toward rent. The government would then pay the difference between the tenant's contribution and the SAFMR, which in this case is $1110 ($1410 - $300).

In addition to the base rent, there are utility allowances. However, without specific data on utility allowances for ZIP 32115, we cannot include exact figures here. Typically, these allowances can vary based on the type of utilities required and the size of the unit.

Given the lack of local market rent data, it's difficult to provide a precise comparison. However, if the local market rent is higher than the SAFMR, landlords will experience a reimbursement gap. Conversely, if the local market rent is lower, landlords might see a surplus. In ZIP 32115, with the SAFMR at $1410, landlords should expect to receive this amount or less depending on the tenant's income.

The reimbursement gap or surplus depends on the actual market rent compared to the SAFMR. If the market rent is exactly $1410, there is no gap or surplus. If the market rent is higher, say $1600, the landlord would face a reimbursement gap of $190 per month ($1600 - $1410). If the market rent is lower, say $1200, the landlord would have a surplus of $210 per month ($1410 - $1200).

Landlords must understand that the SAFMR of $1410 represents the maximum rent that can be charged for a two-bedroom apartment under the Section 8 program. Any additional charges, such as pet fees or parking, must be negotiated directly with the tenant and are not covered by the voucher.

In summary, landlords in ZIP 32115 who accept Section 8 vouchers will receive a guaranteed payment of up to $1410 per month for a two-bedroom unit, minus the tenant's contribution based on their income. The utility allowances add another layer of complexity but do not change the core SAFMR figure. The final reimbursement gap or surplus will depend on the local market rent relative to the SAFMR.

Data Sources: FMR data from HUD (2027).

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.