Section 8 Fair Market Rent (FMR) for ZIP 32507 - 2027

Location: Pensacola-Ferry Pass-Brent, FL | Metro: Pensacola-Ferry Pass-Brent, FL MSA

Investment Score for ZIP 32507

Monthly Rent (2BR)

$1,530

Median Price (2BR)

$316,268

1% Rule

0.48%

Annual Yield

5.81%

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	$1,140
1 Bedroom	$1,340
2 Bedrooms	$1,530
3 Bedrooms	$2,010
4 Bedrooms	$2,430
5 Bedrooms	$2,819
6 Bedrooms	$3,157
7 Bedrooms	$3,410
8 Bedrooms	$3,581

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
1BR	$1,340	$265,227	0.51%	F
2BR	$1,530	$316,268	0.48%	F
3BR	$2,010	$346,755	0.58%	F
4BR	$2,430	$528,158	0.46%	F
5BR	$2,819	$984,403	0.29%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

32,226

Median Household Income

$73,540

Housing Units

18,865

Renter Percentage

34.6%

Occupancy Rate

71.0%

Renter Occupied

4,632

The ZIP code 32507, located in Florida, is a vibrant area with a mix of residential and commercial properties. The region benefits from a growing population and a favorable climate, making it attractive for both residents and investors. This analysis provides insights into the rental market dynamics and investment potential based on key metrics.

Fair Market Rent (FMR) for ZIP 32507 in fiscal year 2024: The FMR stands at $1220, indicating the government-set standard for rental affordability in the area.
Market Rent (ZORI): The actual market rent is significantly higher at $1,816, suggesting that the local rental market is robust and exceeds government benchmarks.
Median Home Value: At $363,113, the median home value reflects a stable housing market where property values have remained consistent.
Renter Share: With 34.6% of the population renting, there is a substantial demand for rental properties, which can be a positive sign for landlords looking to capitalize on the rental market.
Days on Market (DOM): Properties take an average of 62 days to sell, which is relatively moderate and suggests a balanced market where neither buyers nor sellers hold a significant advantage.
Median Income: The median household income in the area is $73,540, providing a context for the economic capacity of the residents to afford the prevailing rents.

Investors in ZIP 32507 should consider the gap between the Fair Market Rent and the actual market rent as a strong indicator of the profitability of rental properties. The substantial renter share, combined with moderate DOM, points towards a steady demand for rental units. While the median home value indicates stability, the median income supports the ability of residents to pay higher rents, making the area a viable option for those interested in the rental market. Overall, the ZIP presents a balanced opportunity for landlords and small-portfolio investors looking to enter or expand in a stable yet dynamic market.

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.