Section 8 Fair Market Rent (FMR) for ZIP 32588 - 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 | $1,420 |
| 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 |
For landlords considering investing in ZIP code 32588 (Unknown, FL) under the Section 8 program, the following decision tree will guide you through the key factors:
- 1) Does the Fair Market Rent (FMR) of $1530 cover debt service on your property?
- Yes: If the FMR of $1530 is sufficient to cover all debt service costs, including mortgage payments, property taxes, insurance, and maintenance, then you can proceed to the next step.
- No: If the FMR does not cover your debt service costs, purchasing a property in ZIP 32588 would be financially unwise under the Section 8 program.
- 2) How does the market rent compare to the FMR?
- Above FMR: If the market rent is higher than $1530, you might consider other investment options that do not rely on Section 8 funding, as you could potentially earn more from market-rate tenants.
- At or Below FMR: If the market rent is at or below $1530, Section 8 could be a viable option for ensuring steady rental income.
- 3) Is there enough demand from renters in the area?
- Sufficient Demand: If the percentage of renters and the days on market (DOM) indicate strong demand, then you can likely find tenants willing to participate in the Section 8 program. However, without specific percentages and DOM figures, it's difficult to make a definitive assessment.
- Limited Demand: If there is limited demand, characterized by low percentages of renters or high DOM, it may be challenging to secure tenants, even if the FMR meets your financial needs.
The final decision to invest in ZIP 32588 for Section 8 properties hinges on the answers to these questions. If you can answer "yes" to the first two points and there is sufficient demand, then it would be a reasonable investment. Otherwise, it depends on your risk tolerance and the specifics of the local rental market.
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.