Section 8 Fair Market Rent (FMR) for ZIP 32344 - 2027

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

Investment Score for ZIP 32344

Monthly Rent (2BR)

$1,220

Median Price (2BR)

$179,471

1% Rule

0.68%

Annual Yield

8.16%

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: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
1BR	$1,090	$215,049	0.51%	F
2BR	$1,220	$179,471	0.68%	D
3BR	$1,510	$347,908	0.43%	F
4BR	$1,620	$460,038	0.35%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

13,113

Median Household Income

$61,199

Housing Units

6,037

Renter Percentage

24.6%

Occupancy Rate

83.5%

Renter Occupied

1,239

The economics of Section 8 in ZIP 32344, Monticello, FL, within Jefferson County, are straightforward. The SAFMR (Small Area Fair Market Rent) for a two-bedroom apartment is set at $1060 for fiscal year 2024. This figure is specific to this ZIP code, meaning it is tailored to reflect the rental market conditions precisely here.

However, the local market rent for a similar unit is lower, running at $895 according to the Census ACS. Landlords might wonder how much they will actually receive when a tenant uses a Section 8 voucher. The reimbursement process involves both the tenant's contribution and utility allowances.

A landlord should expect the following breakdown:

Tenant Contribution: Typically, tenants pay 30% of their adjusted income towards rent. If a tenant's monthly income is $1000, they would contribute $300.
Voucher Reimbursement: The housing authority covers the difference between the tenant’s payment and the SAFMR. For a $1060 SAFMR, if the tenant contributes $300, the voucher would cover $760.
Utility Allowances: Utility allowances vary but are usually included in the voucher amount. These can range from $100 to $300 depending on the household size and local utility costs.

In ZIP 32344, the typical reimbursement gap for a two-bedroom unit is a surplus of $165, calculated by subtracting the local market rent ($895) from the SAFMR ($1060). This means landlords can potentially earn above the local market rate when renting to tenants with Section 8 vouchers. However, landlords must ensure that their properties meet the required quality standards set by the housing authority to qualify for the higher reimbursement rates.

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.