Location: Franklin County, FL | Metro: Franklin County, FL
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 | $1,100 |
| 1 Bedroom | $1,150 |
| 2 Bedrooms | $1,260 |
| 3 Bedrooms | $1,670 |
| 4 Bedrooms | $1,670 |
| 5 Bedrooms | $1,937 |
| 6 Bedrooms | $2,169 |
| 7 Bedrooms | $2,343 |
| 8 Bedrooms | $2,460 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,260 | $294,463 | 0.43% | F |
| 3BR | $1,670 | $317,869 | 0.53% | F |
U.S. Census Bureau data (2024)
The ZIP code 32320, located in Apalachicola, FL, resides within the Franklin County, FL metro area. With a Fair Market Rent (FMR) of $1,400 for fiscal year 2026, it stands above the average market rent of $1,049, indicating that the rental market in this area is slightly more expensive compared to what might be expected based on typical market conditions. The median home value in ZIP 32320 is $281,978, which suggests that the real estate market here is relatively affordable when compared to other areas in Franklin County.
The renter share in ZIP 32320 is 27.2%, which is higher than the typical share found in other ZIP codes within Franklin County. This combination of a high renter share and below-average home values can signal a sweet spot for Section 8 housing. It means that there is a significant portion of the population who rely on rental assistance programs, and the lower home values make it easier for landlords and small-portfolio investors to acquire properties at reasonable prices.
When considering the positioning of ZIP 32320 within its metro area, it appears to be a value pocket rather than a premium sub-market. The below-metro average home values suggest that while the rental income potential is decent, the overall cost of property acquisition remains relatively low. This could be advantageous for investors looking to maximize their returns on investment without having to deal with the higher costs associated with premium markets.
To summarize, ZIP 32320 presents itself as an attractive option for real estate investments focused on the Section 8 program due to its higher-than-average FMR, significant renter population, and affordable home values. These factors collectively indicate that it is a value pocket within the Franklin County, FL metro, offering good opportunities for both rental income and property acquisition.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.