Location: Tallahassee, FL | Metro: Tallahassee, FL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,210 |
| 1 Bedroom | $1,290 |
| 2 Bedrooms | $1,450 |
| 3 Bedrooms | $1,770 |
| 4 Bedrooms | $1,910 |
| 5 Bedrooms | $2,216 |
| 6 Bedrooms | $2,482 |
| 7 Bedrooms | $2,681 |
| 8 Bedrooms | $2,815 |
To classify ZIP 32316 in Unknown, FL, we need to focus on the available data points, specifically the Fair Market Rent (FMR) for the fiscal year 2024. The FMR for ZIP 32316 is set at $1370. This figure represents the maximum amount that a household earning 80% of the area median income can afford to pay for rent in order to qualify for housing assistance under the Section 8 program.
The lack of market rental price data and home value data makes it challenging to fully assess the yield potential. However, based on the FMR alone, landlords can expect to receive up to $1370 per month for a property in this ZIP code, which is the guaranteed payment through the voucher program. This ensures a consistent cash flow but does not provide insight into the overall profitability compared to the local market rates.
Regarding stability, there's insufficient data on the percentage of renters, the average days on market (DOM), and median income levels. Without these metrics, it's difficult to gauge the financial health and reliability of tenants in ZIP 32316. Typically, higher median incomes and lower DOM suggest a more stable market, but these specifics are currently unavailable.
In summary, ZIP 32316 presents a scenario where the guaranteed Section 8 payment provides a predictable income source, but the absence of market rental prices and home values means the yield cannot be fully evaluated against typical market conditions. The stability of the market is also uncertain due to the missing data on tenant demographics and housing turnover rates. Therefore, ZIP 32316 is neither clearly defined as a high-yield/low-stability flip-style market nor as a steady-cashflow zone; it falls into an intermediate category where the primary advantage is the certainty of rental income through the FMR, while risks remain due to unknown market dynamics.
Data Sources: FMR data from HUD (2027).
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.