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 | $1,490 |
| 1 Bedroom | $1,590 |
| 2 Bedrooms | $1,790 |
| 3 Bedrooms | $2,190 |
| 4 Bedrooms | $2,350 |
| 5 Bedrooms | $2,726 |
| 6 Bedrooms | $3,053 |
| 7 Bedrooms | $3,297 |
| 8 Bedrooms | $3,462 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,790 | $214,166 | 0.84% | C |
| 3BR | $2,190 | $331,249 | 0.66% | D |
| 4BR | $2,350 | $522,900 | 0.45% | F |
| 5BR | $2,726 | $720,615 | 0.38% | F |
U.S. Census Bureau data (2024)
The HUD Fair Market Rent (FMR) for ZIP code 32311 in Tallahassee, FL, for fiscal year 2024 is set at $1,620. This figure is notably lower than the market rent, which stands at $1,720 according to ZORI (Zillow Observed Rent Index). For Section 8 investors operating within this ZIP code, it's essential to understand that tenants with vouchers will typically cashflow at a marginal level, given the difference between the FMR and the actual market rent. To achieve positive cashflow, landlords must focus on premium units that can command higher rents or find ways to reduce operational costs.
The median home value in ZIP 32311 is $331,913. By comparing this with the market rent, we derive a rent-to-price ratio of approximately 0.55%. This ratio indicates that rental income alone might not cover the total cost of homeownership, suggesting that owning property in this area primarily serves as a long-term investment rather than a short-term profit generator through rental income.
The 31-day median Days on Market (DOM) and the 0.2% share of listings that have undergone price cuts highlight a relatively stable rental market. These figures suggest that properties are selling quickly without significant discounts, indicating a strong demand for housing in the area. However, these metrics do not directly impact the rent-vs-buy dynamics but provide insight into the overall market health and tenant behavior.
The strongest angle for Section 8 investors in ZIP 32311 is stability. With a robust demand for rental properties and a low rate of price cuts, investors can expect consistent occupancy rates and minimal fluctuations in rental income over time. This makes the area an attractive option for those seeking reliable, long-term returns on their investment.
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.