Location: Walton County, FL | Metro: Walton County, FL HUD Metro FMR Area
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 | $1,680 |
| 1 Bedroom | $2,030 |
| 2 Bedrooms | $2,210 |
| 3 Bedrooms | $3,060 |
| 4 Bedrooms | $3,690 |
| 5 Bedrooms | $4,280 |
| 6 Bedrooms | $4,794 |
| 7 Bedrooms | $5,178 |
| 8 Bedrooms | $5,437 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,210 | $1,007,423 | 0.22% | F |
| 3BR | $3,060 | $1,068,482 | 0.29% | F |
| 4BR | $3,690 | $1,607,077 | 0.23% | F |
| 5BR | $4,280 | $3,552,045 | 0.12% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 32461, Inlet Beach, Florida, for fiscal year 2024 is set at $1,600. This figure represents the maximum amount the federal government will pay toward a tenant's rent under the Section 8 Housing Choice Voucher program. It does not mean that you can charge $1,600 as rent; rather, it is the benchmark against which the rent is calculated.
In comparison, the median asking rent for ZIP 32461 is $4,068, according to ZORI (Zillow Observed Rent Index). This suggests that the local market rent is significantly higher than the FMR. However, the FMR is designed to cover only a portion of the rent, typically up to 70%, leaving the landlord to collect the balance directly from the tenant.
The 13.8% renter share indicates the percentage of your property’s total rent that must be paid by the tenant. For instance, if you set the rent at $2,000, the tenant would need to contribute at least $276 per month, as 13.8% of $2,000 is approximately $276. The remaining amount would come from the government, ensuring the landlord receives the full rent of $2,000.
To acquire a rental property in this area, you might expect to spend around $1,370,638. This is based on the average price of homes in the ZIP code. Given the high median asking rent and the lower FMR, it's important to understand that the government payment under Section 8 will not cover the entire rent you might charge in the open market.
Before deciding to enter into a Section 8 agreement, verify that the property meets all the necessary qualifications for the program. This includes ensuring the unit is in good condition and complies with health and safety standards. These conditions are essential to receiving approval and maintaining eligibility throughout the lease term.
In summary, the FMR of $1,600 means the government will subsidize a portion of the rent, but you must still consider the local market rates when setting your own rental prices. The high median asking rent of $4,068 and the 13.8% tenant contribution indicate that while there is demand, you should carefully evaluate your costs and income expectations. With an expected acquisition cost of $1,370,638, make sure your property is in compliance with Section 8 requirements to secure a steady stream of rental income.
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.