Location: Wakulla County, FL | Metro: Wakulla County, FL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,050 |
| 1 Bedroom | $1,120 |
| 2 Bedrooms | $1,260 |
| 3 Bedrooms | $1,500 |
| 4 Bedrooms | $1,660 |
| 5 Bedrooms | $1,926 |
| 6 Bedrooms | $2,157 |
| 7 Bedrooms | $2,330 |
| 8 Bedrooms | $2,447 |
U.S. Census Bureau data (2024)
A skeptical investor looking into ZIP 32355 might raise several concerns regarding the feasibility of investing in rental properties within this area. Addressing these points directly with available data provides a clearer picture of the investment landscape.
Will FMR $1140 (zip FY 2024) cover the mortgage on a $261,192 home?
The Fair Market Rent (FMR) for ZIP 32355 in fiscal year 2024 is set at $1140. This figure represents the average rent that a tenant can expect to pay for a modest apartment. To determine if this rent will cover the mortgage on a home priced at $261,192, we must consider the typical mortgage rates and terms. Assuming a standard 30-year fixed-rate mortgage at an interest rate of 4.5%, the monthly mortgage payment for a $261,192 home would be approximately $1300. Therefore, the FMR of $1140 is insufficient to cover the mortgage payment alone. Additional income streams or a higher occupancy rate would be necessary to ensure profitability.
Is there enough renter demand at 6.6%?
The vacancy rate in ZIP 32355 stands at 6.6%. This percentage suggests that there is moderate competition among rental properties, indicating that while demand exists, it may not be strong enough to fill all units quickly. However, a 6.6% vacancy rate is not unusually high; it aligns with national averages. To capitalize on this market, landlords should focus on maintaining competitive rental pricing and ensuring their properties meet modern standards to attract tenants.
Will vouchers keep pace with N/A market rents?
The data does not provide specific information on the voucher program's ability to match the market rents in ZIP 32355. Generally, voucher programs aim to cover a significant portion of market rents but often do not fully match them. Landlords who rely on voucher programs should anticipate receiving less than the full market rent. However, the stability and reliability of government-funded payments can outweigh the lower rent amounts. For a comprehensive analysis, one would need to consult the local housing authority for detailed information on voucher trends and policies.
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.