Location: Tallahassee, FL | Metro: Tallahassee, FL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,180 |
| 1 Bedroom | $1,260 |
| 2 Bedrooms | $1,430 |
| 3 Bedrooms | $1,750 |
| 4 Bedrooms | $1,870 |
| 5 Bedrooms | $2,169 |
| 6 Bedrooms | $2,429 |
| 7 Bedrooms | $2,623 |
| 8 Bedrooms | $2,754 |
U.S. Census Bureau data (2024)
The economics of Section 8 in ZIP code 32306 are governed by the SAFMR (Small Area Fair Market Rent) for a two-bedroom unit, which is set at $1370 for the fiscal year 2024. This rate is specific to this ZIP code, meaning it reflects the rental costs unique to the area.
While the local market rent for 32306 is currently unavailable, understanding how the SAFMR works is crucial for landlords. Under the Section 8 program, the Housing Authority pays a portion of the rent directly to the landlord, based on the SAFMR. Tenants are responsible for paying approximately 30% of their adjusted income towards rent, plus a utility allowance.
To illustrate, let's assume a tenant's monthly adjusted income is $1500. Thirty percent of this amount is $450, which would be the tenant's share of the rent. If we add a standard utility allowance of $200 to the tenant's portion, the total comes to $650. Therefore, the Housing Authority would pay the remaining balance of the SAFMR, which is $1370 minus the $650 paid by the tenant, equaling $720.
This reimbursement structure can result in either a surplus or a shortfall for landlords. In ZIP 32306, if you charge exactly the SAFMR of $1370, you will receive the full amount from the tenant and the Housing Authority combined. However, if your rent exceeds $1370, the Housing Authority will only reimburse up to the SAFMR limit, creating a potential shortfall.
Conversely, if your rent is below $1370, the Housing Authority will still pay their portion based on the SAFMR, potentially leading to a surplus. For instance, if your rent is $1200, and the tenant pays $650, the Housing Authority would cover the rest, making up the difference between the actual rent and the SAFMR.
In summary, the typical reimbursement gap or surplus for a two-bedroom unit in ZIP 32306 depends on your set rent. If your rent is higher than $1370, you will face a shortfall. If lower, you will receive a surplus. Landlords should carefully consider these figures when setting their rents to ensure financial stability.
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.