Section 8 Fair Market Rent (FMR) for ZIP 32579 - 2027

Location: Crestview-Fort Walton Beach-Destin, FL | Metro: Crestview-Fort Walton Beach-Destin, FL HUD Metro FMR Area

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,510
1 Bedroom	$1,810
2 Bedrooms	$2,030
3 Bedrooms	$2,780
4 Bedrooms	$3,390
5 Bedrooms	$3,932
6 Bedrooms	$4,404
7 Bedrooms	$4,756
8 Bedrooms	$4,994

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

10,506

Median Household Income

$104,510

Housing Units

5,135

Renter Percentage

30.1%

Occupancy Rate

87.9%

Renter Occupied

1,361

Housing Authorities Serving ZIP 32579

Fort Walton Beach Housing Authority (Fort Walton Beach, FL) - 849 Section 8 vouchers
Crestview Housing Authority (Crestview, FL) - 222 Section 8 vouchers
Niceville Housing Authority (Niceville, FL)

The ZIP code 32579, located in Shalimar, Florida, is part of the larger Tallahassee metropolitan area. Known for its suburban charm and proximity to natural attractions, it offers a mix of residential and recreational opportunities. This analysis delves into key metrics that can guide real estate investment decisions, particularly for those interested in Section 8 housing and general rental markets.

The Fair Market Rent (FMR) for ZIP 32579 in fiscal year 2024 is set at $1710. This figure represents the maximum rent allowable for Section 8 housing units, providing a benchmark for subsidized housing costs.
The market rent, as measured by the Zillow Observed Rental Index (ZORI), stands at $2,052. This indicates that the average rent for properties in Shalimar exceeds the FMR, suggesting a healthy demand for non-subsidized rentals.
The median home value in Shalimar is $386,288. This reflects the typical price point for homeownership in the area, which can influence the rental market dynamics.
Renters make up 30.1% of the housing market in ZIP 32579. This share highlights the significance of the rental sector and the potential for rental investments.
The median household income in the area is $104,510. This level of income suggests that tenants may have the financial stability to meet rental obligations, including those above the FMR threshold.

Synthesizing these points, Shalimar presents a balanced opportunity for real estate investors. The gap between the ZORI and FMR indicates potential for both Section 8 and market-rate rentals. Given the median home value and income levels, there is a strong base of potential tenants who can afford higher rents. The significant renter share further supports the viability of rental investments in this area. For landlords and small-portfolio investors, focusing on properties that meet both Section 8 standards and appeal to market-rate renters could yield favorable returns.

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.