Location: Tallahassee, FL | Metro: Tallahassee, FL HUD Metro FMR Area
| 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 |
U.S. Census Bureau data (2024)
The neighborhood in ZIP code 32333, located in Havana, FL, is characterized by a modest population of 11,449 residents. Renters make up only 17.4% of the community, indicating a predominantly owner-occupied area. The median household income stands at $60,816, which is relatively stable and suggests a middle-class community. The median home value in this ZIP code is $266,112, reflecting the overall economic status of the area.
When it comes to rental economics, the Fair Market Rent (FMR) for ZIP 32333 in fiscal year 2024 is set at $1,060. This figure is notably higher than the current market rent, which according to the Census ACS, averages at $958. This discrepancy highlights an opportunity for landlords and small-portfolio investors who can leverage the higher FMR to attract Section 8 tenants. It also implies that there might be a slight overestimation of market rents by the government, which could benefit those managing properties under the voucher program.
Given these conditions, ZIP 32333 is well-suited for both hands-off voucher operators and hands-on value-add buyers. For hands-off operators, the stability of the median income and home values provides a reliable environment where the FMR can ensure steady cash flow without much active management. On the other hand, for value-add buyers looking to improve property performance, the gap between FMR and market rent presents a chance to enhance properties and command higher rents, closer to the FMR, thereby increasing profitability.
To summarize, the demographic and economic landscape of ZIP 32333 in Havana, FL, supports a robust investment strategy for Section 8 properties. With a stable median income and home values, and a favorable FMR compared to the current market rent, landlords can expect consistent returns while having the flexibility to pursue either a passive or an active management approach.
Data Sources: FMR data from HUD (2027). 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.