Location: Tallahassee, FL | Metro: Tallahassee, FL HUD Metro FMR Area
| 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 |
U.S. Census Bureau data (2024)
The ZIP code 32361 presents an interesting scenario for both renters and landlords. With a median income of $64,063, households must carefully consider their housing expenses. The market rate for rent stands at $971, which is derived from Census ACS data. This figure is significant because it represents the average cost that tenants in this area would typically face.
Comparatively, the Fair Market Rent (FMR) set by the government for this ZIP code in fiscal year 2024 is $1,060. This means that while the market rate is slightly below the FMR, the difference is minimal, indicating that the rental market closely aligns with government standards.
With 32.1% of the population being renters and a total population of 241, the competition among landlords can be intense. The affordability gap between the median income and the market rate suggests that many households might struggle to pay market rates without assistance. Therefore, landlords who accept Section 8 vouchers could benefit from a steady stream of tenants who are financially supported to meet the rent.
The takeaway for landlords considering voucher versus cash-pay strategies is clear: accepting vouchers can ensure consistent occupancy and reduce vacancy rates. While the voucher amount is slightly higher than the market rate, it provides a reliable source of income. Landlords should weigh the benefits of guaranteed payments against the potential administrative complexities of participating in the voucher program.
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.