Section 8 Fair Market Rent (FMR) for ZIP 32148 - 2027

Location: Putnam County, FL | Metro: Putnam County, FL

Investment Score for ZIP 32148

Monthly Rent (2BR)

$1,040

Median Price (2BR)

$144,403

1% Rule

0.72%

Annual Yield

8.64%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

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

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$1,040	$144,403	0.72%	D
3BR	$1,310	$221,977	0.59%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

12,063

Median Household Income

$45,420

Housing Units

5,595

Renter Percentage

19.0%

Occupancy Rate

87.9%

Renter Occupied

932

The ZIP code 32148, located in Interlachen, Florida, is a small suburban area characterized by its tranquil atmosphere and close-knit community. Nestled between larger urban centers, it offers a quieter lifestyle while still being accessible to amenities and services.

The Fair Market Rent (FMR) for a two-bedroom apartment in the metro area for fiscal year 2026 is set at $970.
The average market rent for properties in ZIP 32148, based on Census ACS data, stands at $778.
The median home value in the area is $165,304, reflecting the affordable housing market.
Renters make up 19.0% of the local population, indicating a significant portion of residents who prefer or require rental housing.
The median household income in ZIP 32148 is $45,420, which provides insight into the economic profile of potential tenants.

Analyzing these data points reveals that while the Fair Market Rent indicates a higher potential for rental income, the actual market rents are lower, suggesting a competitive landscape. The relatively low median home values and median income levels imply that the area attracts a mix of first-time homebuyers and renters with modest means. This combination makes the ZIP code 32148 a suitable investment opportunity for those looking to offer affordable rental options in a stable, suburban environment.

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.