Location: Tallahassee, FL | Metro: Tallahassee, FL HUD Metro FMR Area
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 | $1,270 |
| 1 Bedroom | $1,350 |
| 2 Bedrooms | $1,520 |
| 3 Bedrooms | $1,860 |
| 4 Bedrooms | $2,000 |
| 5 Bedrooms | $2,320 |
| 6 Bedrooms | $2,598 |
| 7 Bedrooms | $2,806 |
| 8 Bedrooms | $2,946 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,520 | $208,476 | 0.73% | D |
| 3BR | $1,860 | $332,647 | 0.56% | F |
| 4BR | $2,000 | $491,171 | 0.41% | F |
| 5BR | $2,320 | $738,353 | 0.31% | F |
U.S. Census Bureau data (2024)
ZIP code 32308, located in Tallahassee, FL, falls within the Tallahassee, FL HUD Metro FMR Area. Its Fair Market Rent (FMR) for FY 2024 is set at $1,430. Comparatively, the average FMR across all ZIP codes in the Tallahassee, FL HUD Metro FMR Area is typically lower, making 32308 somewhat above average in terms of rental costs.
The market rent in ZIP 32308 is currently at $1,600, indicating a slight premium over the FMR. This suggests that landlords can charge slightly higher rents than the government's fair market rate, potentially leading to higher returns on investment.
The median home value in 32308 stands at $335,389. This figure is reflective of the overall housing market conditions in the Tallahassee area, where home values generally range from moderate to upper levels. However, it does not indicate a particularly high-value sub-market; rather, it aligns closely with what is considered typical for the region.
A notable aspect of ZIP 32308 is its relatively high renter share at 49.3%. This percentage is indicative of a significant portion of residents who prefer or need to rent their homes, which can be beneficial for landlords and investors seeking steady demand for rental properties.
Evaluating these figures together, ZIP 32308 appears to be a mid-tier neighborhood within the Tallahassee, FL HUD Metro FMR Area. The FMR and market rent suggest a middle ground between affordable and premium rental markets. The median home value does not signal an especially high-value pocket but is consistent with broader Tallahassee trends. The high renter share combined with below-average home values compared to some other ZIP codes could indeed represent a sweet spot for Section 8 investors, as it suggests strong demand for rental units at subsidized rates.
Landlords and small-portfolio investors should consider these factors when evaluating opportunities in 32308. While it is not necessarily a premium sub-market, the combination of reasonable rents and a substantial renter population makes it a viable option for those interested in the Section 8 program.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.