Section 8 Fair Market Rent (FMR) for ZIP 32309 - 2027

Location: Tallahassee, FL | Metro: Tallahassee, FL HUD Metro FMR Area

Investment Score for ZIP 32309

Monthly Rent (2BR)

$1,580

Median Price (2BR)

$223,037

1% Rule

0.71%

Annual Yield

8.5%

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	$1,320
1 Bedroom	$1,400
2 Bedrooms	$1,580
3 Bedrooms	$1,930
4 Bedrooms	$2,080
5 Bedrooms	$2,413
6 Bedrooms	$2,703
7 Bedrooms	$2,919
8 Bedrooms	$3,065

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$1,580	$223,037	0.71%	D
3BR	$1,930	$359,426	0.54%	F
4BR	$2,080	$519,642	0.4%	F
5BR	$2,413	$752,268	0.32%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

33,544

Median Household Income

$113,412

Housing Units

13,813

Renter Percentage

17.6%

Occupancy Rate

94.6%

Renter Occupied

2,296

The ZIP code 32309 is situated in the heart of Tallahassee, Florida, a city known for its blend of urban amenities and southern charm. Home to Florida State University, this area attracts students, young professionals, and families, contributing to a diverse and dynamic rental market.

The Fair Market Rent (FMR) for ZIP 32309 in fiscal year 2024 is set at $1470, providing a benchmark for affordable housing rates.
The market rent, as indicated by the Zillow Rent Index (ZORI), stands at $1300, slightly below the FMR but still indicative of strong demand.
The median home value in the area is $394,375, reflecting a middle-class neighborhood with reasonable property values.
Renters make up 17.6% of the population, suggesting a significant portion of the market relies on rental properties.
The days on market (DOM) for rental listings average 30 days, indicating a brisk pace of leasing activity.
The median household income in ZIP 32309 is $113,412, which supports higher rental rates and suggests tenants have the financial stability to meet rent obligations.

Investors looking to enter the Tallahassee market should take note of the robust rental demand, evidenced by the quick turnover rate of 30 days on market. The FMR and ZORI figures suggest a slight premium can be charged over the average market rent, particularly for units that meet or exceed fair market standards. With a median home value of nearly $400,000 and a median income above $113,000, there's a solid economic foundation supporting both rental and homeownership markets. However, the relatively low renter share indicates a competitive landscape where property quality and location play crucial roles in attracting tenants. Overall, ZIP 32309 offers a promising investment opportunity for those willing to cater to the specific needs of the local tenant base.

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.