Section 8 Fair Market Rent (FMR) for ZIP 32447 - 2027

FY 2027 Fair Market Rent Rates

The economics of Section 8 housing in ZIP code 32447, located in Jackson County, Florida, are straightforward. The SAFMR (Small Area Fair Market Rent) for a two-bedroom apartment in this ZIP code for fiscal year 2026 is set at $1,070. This figure represents the maximum amount that the housing authority will pay to landlords on behalf of eligible tenants.

To understand what a landlord can expect from a Section 8 voucher, it's crucial to factor in the tenant's portion of the rent and any utility allowances. Typically, the tenant is responsible for paying approximately 30% of their adjusted income towards rent. If we assume an average adjusted income of $1,500 per month, the tenant would contribute about $450 to the monthly rent. Utility allowances vary but generally cover a portion of the tenant's electricity, gas, water, and sewer costs. For simplicity, let’s consider a utility allowance of $200.

This means the total reimbursement a landlord receives from the Section 8 program for a two-bedroom apartment would be the sum of the tenant's contribution and the utility allowance, which is $450 (tenant portion) + $200 (utility allowance) = $650. Adding this to the SAFMR of $1,070, the landlord could receive up to $1,720 in total monthly reimbursement.

However, since the local market rent for ZIP 32447 is not available, it's important to compare the SAFMR with the broader metro or county-level market rents if known. In the absence of specific local market rent data, landlords should be aware that the SAFMR is set for this specific ZIP code and may not reflect the entire range of rental prices in the surrounding area.

Given the SAFMR of $1,070, landlords must ensure their two-bedroom units are priced competitively yet realistically. If the market rent is higher than the SAFMR, landlords will face a reimbursement gap where they might need to lower their rent to attract Section 8 tenants or risk vacancies. Conversely, if the market rent is lower, landlords could potentially see a surplus in their monthly cash flow.

In ZIP 32447, without specific local market rent data, it’s challenging to quantify the exact surplus or gap. However, landlords should monitor the local rental market closely to make informed decisions about pricing their properties to align with both the SAFMR and the actual demand for rentals.

Data Sources: FMR data from HUD (2027).

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.