Location: Deltona-Daytona Beach-Ormond Beach, FL | Metro: Deltona-Daytona Beach-Ormond Beach, FL HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,310 |
| 1 Bedroom | $1,420 |
| 2 Bedrooms | $1,740 |
| 3 Bedrooms | $2,290 |
| 4 Bedrooms | $2,500 |
| 5 Bedrooms | $2,900 |
| 6 Bedrooms | $3,248 |
| 7 Bedrooms | $3,508 |
| 8 Bedrooms | $3,683 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,420 | $130,745 | 1.09% | B |
| 2BR | $1,740 | $178,140 | 0.98% | C |
| 3BR | $2,290 | $230,607 | 0.99% | C |
| 4BR | $2,500 | $282,283 | 0.89% | C |
U.S. Census Bureau data (2024)
The rent math in ZIP code 32117 does not work favorably for Section 8 tenants. The Fair Market Rent (FMR) set at $1310 for the fiscal year 2024 is notably lower than the market rent, which stands at $1,621 according to ZORI. This indicates that landlords would be better off renting to non-subsidized tenants to maximize income.
Acquisition in this area is relatively affordable, with a median home value of $210,269. The days on market (DOM) average at 54 days, suggesting homes sell fairly quickly without needing significant price adjustments. Only 0.3% of listings have a price-cut share, reinforcing the idea that the housing market here is stable and offers good opportunities for investment at reasonable prices.
Tenant demand is present but not overwhelming. With a total population of 30,955, 52.3% of residents are renters. This means there are about 16,210 potential renters in the area, providing a steady pool of potential tenants for any property owner. However, the high percentage of renters also implies competition among landlords to attract and retain tenants.
Verdict: While there is a substantial number of potential renters in ZIP code 32117, the discrepancy between the FMR and the actual market rent makes it less attractive for landlords participating in the Section 8 program. Instead, focusing on non-subsidized rentals could yield higher returns. Additionally, the median home values and quick sale times indicate that the area is affordable for acquisition, making it suitable for investors looking to enter the market without overpaying. Despite the competition, the rental share of the population ensures a consistent demand for rental properties, supporting the overall investment potential in this region.
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.