Section 8 Fair Market Rent (FMR) for ZIP 32431 - 2027

Location: Jackson County, FL | Metro: Washington County, FL HUD Metro FMR Area

Investment Score for ZIP 32431

Monthly Rent (2BR)

$1,150

Median Price (2BR)

$151,035

1% Rule

0.76%

Annual Yield

9.14%

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	$890
1 Bedroom	$900
2 Bedrooms	$1,150
3 Bedrooms	$1,490
4 Bedrooms	$1,530
5 Bedrooms	$1,775
6 Bedrooms	$1,988
7 Bedrooms	$2,147
8 Bedrooms	$2,254

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
2BR	$1,150	$151,035	0.76%	D
3BR	$1,490	$227,591	0.65%	D

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

4,683

Median Household Income

$55,293

Housing Units

2,288

Renter Percentage

23.2%

Occupancy Rate

80.6%

Renter Occupied

428

The ZIP code 32431, located in Florida, is situated in a region known for its moderate climate and proximity to natural attractions, making it a desirable location for both residents and visitors. This area benefits from a steady influx of renters due to its appeal as a vacation destination and its affordability compared to other parts of Florida.

The Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $1,160. This figure serves as a benchmark for rental pricing in the area, indicating that properties should aim to be priced around this amount to remain competitive and viable.
The average market rent, based on Census ACS data, stands at $1,108. This suggests that the actual rents being charged are slightly below the FMR, providing landlords with an opportunity to adjust their rates upwards without losing tenants.
The median home value in ZIP 32431 is $190,071. This relatively low figure indicates that the area is affordable for first-time buyers and investors looking to enter the market at a lower cost.
Renters make up 23.2% of the population, highlighting a significant portion of the market that relies on rental housing. This statistic underscores the demand for rental properties and the potential for steady occupancy rates.
The median income in the area is $55,293. This income level supports the current rental market but also implies that there could be pressure on landlords to keep rents reasonable to attract and retain tenants.

Synthesizing these points, investors in ZIP 32431 can expect a stable rental market with room for slight rent increases. The area's affordability and appeal to renters provide a solid foundation for investment, particularly in Section 8 properties where the FMR serves as a guideline. However, the median income suggests that maintaining competitive pricing will be key to ensuring a steady stream of tenants. Overall, the market presents a balanced opportunity for landlords and small-portfolio investors looking to capitalize on the local rental demand while adhering to the financial realities of the area.

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.