Section 8 Fair Market Rent (FMR) for ZIP 32351 - 2027

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

Investment Score for ZIP 32351

Monthly Rent (2BR)

$1,220

Median Price (2BR)

$115,654

1% Rule

1.05%

Annual Yield

12.66%

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	$1,640
5 Bedrooms	$1,902
6 Bedrooms	$2,130
7 Bedrooms	$2,300
8 Bedrooms	$2,415

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
1BR	$1,090	$144,233	0.76%	D
2BR	$1,220	$115,654	1.05%	B
3BR	$1,510	$177,216	0.85%	C
4BR	$1,640	$273,008	0.6%	D

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

16,398

Median Household Income

$38,967

Housing Units

6,757

Renter Percentage

38.6%

Occupancy Rate

86.8%

Renter Occupied

2,266

A decision tree for ZIP code 32351 (Quincy, FL) for Section 8 investments follows these key steps:

1) Does the Fair Market Rent (FMR) of $1060 cover the debt service on a $172,660 property?

If the answer is yes, then proceed to the next question. To determine this, calculate the monthly mortgage payment based on typical financing terms. Assuming a 30-year fixed-rate mortgage at 4%, the monthly payment would be approximately $820. The FMR of $1060 easily covers this amount, leaving an additional $240 per month that could go toward maintenance, vacancies, and other expenses.

If the answer is no, then do not consider investing in this area. The FMR must exceed the monthly debt service to ensure profitability.

2) Is the market rent of $849 above, at, or below the FMR?

The market rent of $849 is below the FMR of $1060. This indicates that landlords who can secure Section 8 tenants will have a higher rental income compared to the general market, which could offset the lower rents typically paid by Section 8 participants.

If the market rent were above or equal to the FMR, then the potential for higher income would diminish, making Section 8 less attractive unless there is significant demand for subsidized housing.

3) Are 38.6% renters combined with the unknown days on the market (DOM) enough demand?

The 38.6% of residents who are renters suggests a moderate level of rental demand. However, the lack of data on days on the market (DOM) makes it difficult to assess how quickly properties are being rented. If the DOM is short, indicating quick turnover, then the demand is likely strong enough to support Section 8 investments.

Yes: If the DOM is short, the combination of a moderate renter population and the potential for higher rental income via Section 8 means that investing in this ZIP code is viable. Landlords can expect a steady stream of tenants and reasonable returns.
No: If the DOM is long, indicating slow turnover, then the demand may not be sufficient to support Section 8 investments. Landlords might face prolonged vacancy periods, reducing profitability.
It Depends: Without DOM data, the decision hinges on other factors such as local job growth, school quality, and access to public transportation. If these factors are positive, the investment may still be worthwhile despite the unknown DOM.

In conclusion, ZIP 32351 presents a favorable environment for Section 8 investments if the debt service is covered by the FMR and the DOM is short, indicating strong demand. Otherwise, it depends on other local economic conditions.

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.