Location: Jackson County, FL | Metro: Calhoun 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 | $770 |
| 1 Bedroom | $800 |
| 2 Bedrooms | $970 |
| 3 Bedrooms | $1,270 |
| 4 Bedrooms | $1,280 |
| 5 Bedrooms | $1,485 |
| 6 Bedrooms | $1,663 |
| 7 Bedrooms | $1,796 |
| 8 Bedrooms | $1,886 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $970 | $145,712 | 0.67% | D |
| 3BR | $1,270 | $224,976 | 0.56% | F |
U.S. Census Bureau data (2024)
The ZIP code 32442, located in Grand Ridge, FL, presents a dynamic rental market that is currently under the influence of several key factors. The Fair Market Rent (FMR) for the area stands at $980, as projected for the fiscal year 2026. This figure represents the median rent for a standard two-bedroom apartment in the metropolitan area, indicating a level of demand that supports higher rents.
In contrast, the actual market rent based on Census ACS data is lower at $789, suggesting that there might be some negotiation space between what landlords aim for and what tenants are willing to pay. However, the absence of data regarding the percentage of price-cut shares and days on market (DOM) makes it challenging to conclusively state whether supply is outpacing demand or vice versa. Nonetheless, the gap between the FMR and the market rent implies that while rents are rising, they have not yet reached the projected fair market level, which could indicate a balanced market with room for growth.
The median home value in ZIP 32442 is $186,926, which is relatively low compared to many other areas in Florida. This suggests that homeownership may still be attainable for many residents, but the significant portion of renters—24.8%—indicates a substantial segment of the population that prefers or must rely on rental housing. This high renter share points towards ongoing long-term housing pressure, as a considerable number of individuals are likely to remain in the rental market due to affordability concerns or lifestyle preferences.
The interplay between these elements—rents, home values, and renter share—suggests a market where rental properties can serve as a stable investment. Landlords and small-portfolio investors should consider the potential for steady occupancy rates and the possibility of gradually increasing rents to approach the FMR without alienating tenants. The relatively low market rent compared to the FMR also offers a buffer for landlords facing maintenance costs or other expenses, allowing them to maintain profitability while still offering competitive rental prices.
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.