Location: Putnam County, FL | Metro: Ocala, FL MSA
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 | $1,150 |
| 1 Bedroom | $1,210 |
| 2 Bedrooms | $1,370 |
| 3 Bedrooms | $1,730 |
| 4 Bedrooms | $2,090 |
| 5 Bedrooms | $2,424 |
| 6 Bedrooms | $2,715 |
| 7 Bedrooms | $2,932 |
| 8 Bedrooms | $3,079 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,210 | $95,091 | 1.27% | A |
| 2BR | $1,370 | $148,697 | 0.92% | C |
| 3BR | $1,730 | $280,250 | 0.62% | D |
| 4BR | $2,090 | $407,852 | 0.51% | F |
U.S. Census Bureau data (2024)
The median income in ZIP code 32134, which includes Fort Mc Coy, Florida, stands at $45,760. Given the market rate for rent at $677 according to the Census ACS, it appears that a household in this area could manage the monthly rent payments without significant financial strain. However, when considering the Fair Market Rent (FMR) standard set at $1460 for zip FY 2024, there is a stark disparity between what the market demands and what households in this area typically earn.
The FMR represents the upper limit for rental subsidies under the Section 8 Housing Choice Voucher program. At $1460, this amount is significantly higher than the actual market rate of $677, indicating that voucher holders have more purchasing power in the rental market compared to non-subsidized renters. This means that landlords who accept vouchers can potentially charge more for their properties, aligning with the higher subsidy standards rather than the lower market rates.
With only 10.1% of the 7,442 population being renters, competition among landlords in this area is likely low. The limited number of renters suggests that there might be fewer properties on the market relative to the demand, giving landlords a competitive edge if they can offer desirable units at rates closer to the FMR.
For landlords and small-portfolio investors considering their strategy, accepting vouchers can provide a more stable income stream, as the rent is guaranteed by the government up to the FMR. However, it also comes with the administrative burden of dealing with the voucher program. On the other hand, relying on cash-paying tenants may mean lower rents but also less risk and more control over the tenant selection process. Landlords should weigh these factors carefully, considering both the financial benefits and the operational complexities associated with each option.
In conclusion, while the market rate of $677 is within reach for most households earning the median income of $45,760, the potential to charge $1460 through the Section 8 voucher program presents an opportunity for higher revenue. Given the low competition and the substantial difference between market rates and FMR, landlords in ZIP 32134 should consider the advantages of participating in the voucher program to maximize their 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.