Location: Pensacola-Ferry Pass-Brent, FL | Metro: Pensacola-Ferry Pass-Brent, FL MSA
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 | $1,010 |
| 1 Bedroom | $1,140 |
| 2 Bedrooms | $1,330 |
| 3 Bedrooms | $1,760 |
| 4 Bedrooms | $2,150 |
| 5 Bedrooms | $2,494 |
| 6 Bedrooms | $2,793 |
| 7 Bedrooms | $3,016 |
| 8 Bedrooms | $3,167 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,330 | $156,208 | 0.85% | C |
| 3BR | $1,760 | $281,068 | 0.63% | D |
| 4BR | $2,150 | $394,415 | 0.55% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 32565 in Jay, Florida, for fiscal year 2024 is set at $1190. This figure represents the payment standard for Section 8 rentals in your area, which is the maximum amount that the Housing Choice Voucher program will pay towards a tenant's rent. It does not mean that you can charge $1190 for rent; rather, it is the benchmark used to determine the voucher amount.
To put this into context, the average rent for properties in ZIP 32565 is reported to be $934 according to the Census Bureau's American Community Survey. This means that the Section 8 payment standard is higher than the local average, potentially providing a more stable income source for landlords.
With 19.1% of residents being renters, there is a moderate demand for rental properties in Jay. However, the competition for tenants can vary, so it's important to understand the local market dynamics. The median home value in the area is approximately $274,976, which gives an idea of the typical acquisition cost for a property in this ZIP code.
If you're considering your first Section 8 rental, ensure that your property meets all the necessary housing quality standards (HQS). These standards cover various aspects such as safety, health, and livability, and failing to meet them can result in reduced payments or even disqualification from the program. Before signing a lease, verify that your property has passed the HQS inspection to avoid any complications.
In summary, the FMR of $1190 provides a clear guideline for the voucher amount but does not dictate your rent price. With the local average rent at $934, Section 8 can offer a reliable income stream. Given the median home value of $274,976, acquiring a Section 8-ready property requires careful consideration of the costs versus the benefits. Ensure your property meets the required standards to proceed confidently.
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.