Location: Taylor County, FL | Metro: Taylor 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 | $880 |
| 1 Bedroom | $920 |
| 2 Bedrooms | $1,000 |
| 3 Bedrooms | $1,310 |
| 4 Bedrooms | $1,360 |
| 5 Bedrooms | $1,578 |
| 6 Bedrooms | $1,767 |
| 7 Bedrooms | $1,908 |
| 8 Bedrooms | $2,003 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,000 | $169,528 | 0.59% | F |
| 3BR | $1,310 | $212,950 | 0.62% | D |
| 4BR | $1,360 | $281,325 | 0.48% | F |
U.S. Census Bureau data (2024)
The Section 8 cap-rate analysis for ZIP code 32348 in Perry, FL, provides a clear picture of the potential returns for landlords and small-portfolio investors. To start, let's consider the annualized figures for a two-bedroom property. The Fair Market Rent (FMR) for a 2BR unit in the metropolitan area for fiscal year 2026 is set at $1,090 per month, while the market rent based on Census ACS data stands at $1,031 per month.
Using these figures against the median home value of $176,021, we can calculate the implied gross yield for both scenarios. For the FMR scenario, the annual rent would be $13,080 ($1,090 x 12 months), resulting in an implied gross yield of approximately 7.4%. In contrast, the market rent scenario yields an annual rent of $12,372 ($1,031 x 12 months), leading to an implied gross yield of around 7.0%.
Given the 25.5% renter density in ZIP 32348, it is evident that the market conditions favor a more conservative approach. While the FMR provides a higher gross yield, the lack of Days on Market (DOM) data suggests that the rental market might not be as robust as the FMR implies. Therefore, the market rent figure of $1,031 per month is more likely to represent actual rental income, making the 7.0% gross yield the more realistic expectation for investors.
In conclusion, the Section 8 cap-rate for ZIP 32348 presents a modest investment opportunity with an implied gross yield ranging from 7.0% to 7.4%, depending on whether you use the FMR or market rent figures. Considering the lower renter density and the absence of DOM data, investors should lean towards the market rent scenario for a more accurate assessment of potential returns.
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.