Section 8 Fair Market Rent (FMR) for ZIP 32332 - 2027

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

Investment Score for ZIP 32332

N/A

Monthly Rent (2BR)

$1,220

Median Price (2BR)

$N/A

1% Rule

Annual Yield

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	$990
1 Bedroom	$1,090
2 Bedrooms	$1,220
3 Bedrooms	$1,510
4 Bedrooms	$1,620
5 Bedrooms	$1,879
6 Bedrooms	$2,104
7 Bedrooms	$2,272
8 Bedrooms	$2,386

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
3BR	$1,510	$113,370	1.33%	A

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

1,293

Median Household Income

$31,917

Housing Units

608

Renter Percentage

59.8%

Occupancy Rate

86.0%

Renter Occupied

313

ZIP code 32332 is located within the Tallahassee, FL HUD Metro FMR Area. Its Fair Market Rent (FMR) for fiscal year 2024 is set at $1060. This figure is higher than the average market rent of $651, indicating that rental properties in this area are priced above the typical market rate.

The median home value in ZIP 32332 is $93,844, which is lower than what might be expected given the relatively high FMR. This suggests that while renting is more expensive here, purchasing property could be seen as a more affordable option compared to other areas in the Tallahassee metro region.

A key point of interest is the significant renter share of 59.8%. This percentage is notably higher than the typical Tallahassee, FL HUD Metro FMR Area ZIP codes, where the renter share is likely closer to the national average of around 35%. The high proportion of renters combined with below-average home values often signals a favorable environment for Section 8 properties, as it indicates a strong demand for affordable rentals.

To determine if ZIP 32332 is a value pocket, a mid-tier neighborhood, or a premium sub-market, we can consider the following:

Value Pocket: Given the below-average home values and above-average market rents, 32332 could be considered a value pocket for landlords looking to capitalize on the high demand for rental properties without the high costs associated with purchasing in more expensive areas.
Mid-Tier Neighborhood: The ZIP code does not fit neatly into a mid-tier category based on the provided data, as it shows a clear divergence between rental and home values.
Premium Sub-Market: While the FMR is higher than the market rent, suggesting a premium for certain types of rental units, the overall home values do not support classifying this ZIP code as a premium sub-market. Instead, it appears to be an area where rental properties are more valuable relative to home purchases.

The combination of high renter share and lower home values makes ZIP 32332 a particularly attractive area for Section 8 landlords and small-portfolio investors seeking opportunities in affordable housing markets.

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.