Section 8 Fair Market Rent (FMR) for ZIP 32550 - 2027

Location: Walton County, FL | Metro: Walton County, FL HUD Metro FMR Area

FY 2027 Fair Market Rent Rates

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

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

8,486

Median Household Income

$101,250

Housing Units

15,531

Renter Percentage

18.2%

Occupancy Rate

27.7%

Renter Occupied

781

Housing Authorities Serving ZIP 32550

Walton County Housing Authority (Defuniak Springs, FL) - 404 Section 8 vouchers
DeFuniak Springs Housing Authority (Defuniak Springs, FL)

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.

Affordability Gap: The difference between the market rate ($2,398) and the FMR ($1,770) suggests a notable affordability gap for tenants. Given that only 18.2% of the 8,486 residents are renters, competition among potential tenants could be fierce, especially those who are looking for affordable housing options.

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). 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.