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 | $1,490 |
| 1 Bedroom | $1,610 |
| 2 Bedrooms | $1,980 |
| 3 Bedrooms | $2,610 |
| 4 Bedrooms | $2,840 |
| 5 Bedrooms | $3,294 |
| 6 Bedrooms | $3,689 |
| 7 Bedrooms | $3,984 |
| 8 Bedrooms | $4,183 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,980 | $269,024 | 0.74% | D |
| 3BR | $2,610 | $419,784 | 0.62% | D |
| 4BR | $2,840 | $540,292 | 0.53% | F |
| 5BR | $3,294 | $644,857 | 0.51% | F |
U.S. Census Bureau data (2024)
The analysis of ZIP code 32128, located in Port Orange, FL, within the Deltona-Daytona Beach-Ormond Beach, FL HUD Metro FMR Area, reveals several key insights for landlords and small-portfolio investors.
First, does the rent math work? The Federal Market Rent (FMR) for the area is set at $1960 for fiscal year 2024, while the Zillow Observed Rent Index (ZORI) indicates a market rent of $1,761. This suggests that landlords who aim to attract tenants eligible for Section 8 assistance may need to adjust their rents downward to match the FMR. However, the discrepancy also points to potential profitability for those willing to operate below the FMR, as they can charge closer to the market rate without losing out on government subsidies.
Second, is acquisition affordable? With a median home value of $434,315, the cost of entry into the real estate market in this area is relatively high. Nevertheless, the average Days on Market (DOM) of 61 days indicates that homes are selling relatively quickly, suggesting strong buyer interest. Additionally, the low 0.3% price-cut share implies that sellers are not frequently needing to reduce their asking prices to complete sales, which further supports the notion that the market is robust and homes are valued appropriately.
Third, is there tenant demand? The population of ZIP 32128 stands at 22,244, with 17.7% of residents being renters. This translates to approximately 3,932 individuals seeking rental housing, providing a substantial pool of potential tenants. Given the sizeable number of renters, landlords should find it feasible to maintain occupancy rates and manage a steady stream of applications.
In summary, the rent math in ZIP 32128 presents both challenges and opportunities for landlords participating in the Section 8 program. While the FMR is higher than the current market rent, the ability to charge near-market rates while receiving government subsidies makes it a viable option. Acquisition costs are high but justified by quick sales and minimal price reductions. Tenant demand is evident, with nearly 4,000 residents actively looking for rental properties. For investors willing to align their rents with the FMR, this ZIP code offers a promising environment for generating stable rental income.
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.