Location: Putnam County, FL | Metro: Putnam County, FL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $790 |
| 1 Bedroom | $800 |
| 2 Bedrooms | $1,040 |
| 3 Bedrooms | $1,310 |
| 4 Bedrooms | $1,380 |
| 5 Bedrooms | $1,601 |
| 6 Bedrooms | $1,793 |
| 7 Bedrooms | $1,936 |
| 8 Bedrooms | $2,033 |
U.S. Census Bureau data (2024)
The analysis of the Section 8 program in ZIP 32139 reveals a significant gap between the Fair Market Rent (FMR) set at $1,040 for the fiscal year 2026 and the current market rent, which is currently unreported. This gap poses a challenge for landlords and small-portfolio investors as it suggests that accepting housing vouchers may result in lower yields compared to market rates.
In ZIP 32139, only 6.8% of residents are renters, indicating a relatively low demand for rental properties. The median home value stands at $222,227, while the median income is $58,438. These figures provide essential context for understanding the economic landscape of the area.
If the FMR were to exceed the market rent, it would suggest a yield play opportunity for landlords. However, given the lack of current market rent data, we cannot confirm this scenario. Instead, the analysis leans towards the possibility that landlords may need to accept lower rents through housing vouchers to remain competitive in the rental market.
The cost of housing voucher tenants below open-market rates means that landlords must carefully consider their investment strategies. While the FMR provides a baseline, it is crucial to monitor market conditions closely to ensure profitability. In ZIP 32139, landlords should be prepared to adjust their expectations based on the actual rental market dynamics.
Data Sources: FMR data from HUD (2027). 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.