Section 8 Fair Market Rent (FMR) for ZIP 32307 - 2027
Location: Tallahassee, FL | Metro: Tallahassee, FL HUD Metro FMR Area
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $1,170 |
| 1 Bedroom | $1,240 |
| 2 Bedrooms | $1,400 |
| 3 Bedrooms | $1,720 |
| 4 Bedrooms | $1,840 |
| 5 Bedrooms | $2,134 |
| 6 Bedrooms | $2,390 |
| 7 Bedrooms | $2,581 |
| 8 Bedrooms | $2,710 |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$N/A
To determine if you should buy in ZIP code 32307 for Section 8 investment, follow this decision tree:
- Does the Fair Market Rent (FMR) of $1370 cover debt service on your property?
- If yes: Proceed to the next question.
- If no: This is a clear no. Investing in properties where the rental income does not meet or exceed the debt service is not advisable for any investment strategy, including Section 8.
- Is the market rent above, at, or below the FMR of $1370?
- If market rent is above $1370: There is potential for higher returns on non-Section 8 tenants, but it still depends on other factors.
- If market rent is at $1370: The property will be competitive in the rental market, and you can expect to fill vacancies promptly with Section 8 tenants.
- If market rent is below $1370: This is a yes for Section 8 investment, as you can charge the FMR without pricing yourself out of the market.
- Are the percentage of renters and days on the market (DOM) sufficient to ensure demand?
- If the percentage of renters is high and DOM is low: This indicates strong demand, making it a yes for investing in Section 8 properties.
- If the percentage of renters is moderate and DOM is moderate: Demand is present but not robust. It depends on your risk tolerance and the specifics of the property.
- If the percentage of renters is low and DOM is high: This is a no. Weak demand suggests that finding tenants, even those eligible for Section 8, could be challenging.
The decision to invest in ZIP 32307 for Section 8 purposes hinges on these three key points. Ensure that the FMR covers your debt service, assess the market rent relative to the FMR, and evaluate the local demand based on rental rates and vacancy times.
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.