Location: Walton County, FL | Metro: Crestview-Fort Walton Beach-Destin, 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 | $1,240 |
| 1 Bedroom | $1,490 |
| 2 Bedrooms | $1,660 |
| 3 Bedrooms | $2,280 |
| 4 Bedrooms | $2,780 |
| 5 Bedrooms | $3,225 |
| 6 Bedrooms | $3,612 |
| 7 Bedrooms | $3,901 |
| 8 Bedrooms | $4,096 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,660 | $162,346 | 1.02% | B |
| 3BR | $2,280 | $248,192 | 0.92% | C |
| 4BR | $2,780 | $334,565 | 0.83% | C |
| 5BR | $3,225 | $382,748 | 0.84% | C |
U.S. Census Bureau data (2024)
The ZIP code 32539, located in Crestview, Florida, stands out in Okaloosa County due to its unique demographic and economic profile. With a population of 33,290 residents, it has a rental rate of 21.7%, indicating that nearly one in five residents are tenants. The median income in this area is $74,369, which is higher than the national average, and the median home value is $283,720, reflecting a stable housing market.
In terms of Section 8 vouchers, the Fair Market Rent (FMR) for ZIP 32539 in fiscal year 2024 is set at $1,350, significantly lower than the Zillow Rent Index (ZORI), which stands at $1,834. This disparity suggests that landlords can expect a subsidy that covers less than 75% of the market rent. Consequently, the economics of accepting Section 8 vouchers in this ZIP code means landlords will need to consider the gap between the voucher amount and the market rent when setting their lease terms. It's important to note that while the subsidy is substantial, it may not fully offset the market rates, requiring landlords to balance their costs against the benefits of long-term, government-backed rental payments.
Based on the data signature of ZIP 32539, the area appears to be relatively stable. The median income and home values suggest a steady economic foundation, while the rental rate indicates a healthy mix of homeownership and rental properties. This stability is further reinforced by the consistent demand for rental units, as evidenced by the ZORI being higher than the FMR. For landlords and small-portfolio investors, this ZIP code offers a reliable environment where Section 8 vouchers can play a significant role in managing rental properties, although they should be prepared to absorb some of the difference between the voucher amount and the market rent.
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.