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 | $1,530 |
| 1 Bedroom | $1,850 |
| 2 Bedrooms | $2,010 |
| 3 Bedrooms | $2,780 |
| 4 Bedrooms | $3,360 |
| 5 Bedrooms | $3,898 |
| 6 Bedrooms | $4,366 |
| 7 Bedrooms | $4,715 |
| 8 Bedrooms | $4,951 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,850 | $336,893 | 0.55% | F |
| 2BR | $2,010 | $538,107 | 0.37% | F |
| 3BR | $2,780 | $781,898 | 0.36% | F |
| 4BR | $3,360 | $1,212,892 | 0.28% | F |
| 5BR | $3,898 | $2,046,973 | 0.19% | F |
U.S. Census Bureau data (2024)
The median income in ZIP 32550, which encompasses Miramar Beach, FL, stands at $101,250. However, the market-rate rental price of $2,398 per month presents a significant challenge for many households. This figure far exceeds the Fair Market Rent (FMR) standard set by the federal government for the area, which is $1,770 per month for the fiscal year 2024.
To put this into perspective, a household earning the median income would need to allocate over 28% of their monthly pre-tax income towards rent at market rates. This is above the recommended threshold of 30%, indicating that market-rate rents are indeed unaffordable for the average resident.
Landlords in Miramar Beach face a decision between accepting cash-paying tenants willing to pay the higher market rates or participating in the Section 8 voucher program. The latter ensures a steady stream of reliable tenants but caps rent at the FMR level. Cash-paying tenants might offer higher rents, but the limited pool of renters means that landlords could struggle to fill vacancies without lowering their rates.
The takeaway for landlords is clear: while cash-paying tenants might seem more lucrative, the high market rates and limited number of renters suggest that there will be strong demand for properties that accept Section 8 vouchers. By offering both options, landlords can cater to a broader range of tenants and ensure their properties remain occupied and profitable.
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.