Location: Crestview-Fort Walton Beach-Destin, FL | Metro: Crestview-Fort Walton Beach-Destin, FL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,420 |
| 1 Bedroom | $1,710 |
| 2 Bedrooms | $1,910 |
| 3 Bedrooms | $2,620 |
| 4 Bedrooms | $3,190 |
| 5 Bedrooms | $3,700 |
| 6 Bedrooms | $4,144 |
| 7 Bedrooms | $4,476 |
| 8 Bedrooms | $4,700 |
To classify ZIP code 32549 in Florida, we need to analyze the available data on rental yields and market stability. The Fair Market Rent (FMR) for ZIP 32549 in fiscal year 2024 is set at $1530. This figure represents the maximum amount that a landlord can charge for a rental unit under the Section 8 program. However, there is no specific market rent or home value data provided for this ZIP code.
The absence of market rent and home value data means we cannot directly compare these figures to the FMR to determine the yield potential. In markets where the FMR exceeds the typical market rent, it often indicates higher yield opportunities due to the guaranteed payment structure of the Section 8 program. Conversely, if the FMR is lower than market rents, the yield would be less attractive for landlords seeking to maximize their income. Without the market rent and home value data, we cannot make a precise determination on the yield.
Regarding stability, the provided dataset does not include percentages of renters, average days on the market (DOM), or median household income. These metrics are crucial for assessing the stability of a rental market. High percentages of renters and low DOM values suggest a stable market where properties are quickly occupied, reducing vacancy rates and providing consistent cash flow. Median household income data helps understand the economic health of the area and the ability of residents to pay rent. The lack of these figures makes it difficult to gauge the stability of ZIP 32549.
Given the limited data, ZIP 32549 appears to be a moderate market. It offers a defined rental yield through the FMR but lacks the necessary details to fully assess whether it leans towards being a high-yield/low-stability flip-style market or a steady-cashflow zone. Landlords should consider supplementing this information with local real estate trends and conducting further research into the economic conditions of the area.
A prudent approach would involve looking into the broader region's economic indicators and comparing them with similar ZIP codes to infer the likely stability of the market. For instance, if the surrounding areas have strong employment growth and rising incomes, this could imply a more stable rental environment despite the current lack of specific data for ZIP 32549.
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.