Location: Madison County, FL | Metro: Madison 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 | $800 |
| 1 Bedroom | $900 |
| 2 Bedrooms | $990 |
| 3 Bedrooms | $1,280 |
| 4 Bedrooms | $1,400 |
| 5 Bedrooms | $1,624 |
| 6 Bedrooms | $1,819 |
| 7 Bedrooms | $1,965 |
| 8 Bedrooms | $2,063 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $990 | $151,711 | 0.65% | D |
| 3BR | $1,280 | $230,370 | 0.56% | F |
| 4BR | $1,400 | $323,767 | 0.43% | F |
U.S. Census Bureau data (2024)
The ZIP code 32340, located in Madison, Florida, represents a significant opportunity for landlords and small-portfolio investors interested in attracting Section 8 tenants. With a population of 10,302, 34.7% of residents are renters, indicating a substantial demand for rental properties. This makes it a renter-heavy area with a notable reliance on housing vouchers.
The median household income in ZIP 32340 is $40,972, which directly correlates to the typical market rent of $904. To put this into perspective, the average rent consumes approximately 22% of the median household income, suggesting that many residents rely heavily on subsidies to afford their living spaces. The Fair Market Rent (FMR) for the metro area, set at $1,090 for fiscal year 2026, is higher than the current market rent, indicating potential growth in rental prices if the economy improves.
In Madison, landlords can expect a tenant profile characterized by individuals who are likely to be dependent on government assistance to cover their housing costs. The discrepancy between the market rent and the FMR also implies that there is a gap in affordable housing, which could be filled by properties that cater specifically to low-income renters using Section 8 vouchers.
To summarize, ZIP 32340 is an area where rental demand is strong, and the use of housing vouchers is prevalent. Landlords should prepare for tenants whose monthly rent payments are subsidized, ensuring they understand the administrative requirements associated with Section 8 rentals. This ZIP code offers a clear path for investors looking to tap into a reliable and supported tenant pool.
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.