Location: Gainesville, FL | Metro: Gainesville, FL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,040 |
| 1 Bedroom | $1,130 |
| 2 Bedrooms | $1,350 |
| 3 Bedrooms | $1,690 |
| 4 Bedrooms | $1,780 |
| 5 Bedrooms | $2,065 |
| 6 Bedrooms | $2,313 |
| 7 Bedrooms | $2,498 |
| 8 Bedrooms | $2,623 |
U.S. Census Bureau data (2024)
ZIP code 32631, located within the Gainesville, FL HUD Metro FMR Area, presents unique characteristics compared to typical ZIP codes in the same metro. Its Fair Market Rent (FMR) for fiscal year 2024 is set at $1030. This figure is crucial for landlords and investors who wish to align their rental pricing with government standards, particularly for those interested in participating in the Section 8 program.
The market rent data for ZIP 32631 is currently unavailable. However, given that the FMR is $1030, it can be inferred that the market rents might be close to or slightly above this amount, considering FMRs are generally lower than average market rents. The median home value in 32631 stands at $369,204, which is notably higher than many other ZIP codes in the Gainesville area. This suggests that 32631 could be classified as a premium sub-market within the metro, catering to a more affluent demographic.
A critical point of divergence is the 0.0% renter share in 32631. This indicates that virtually all homes in this ZIP code are owner-occupied, making it an outlier when compared to other ZIP codes within the Gainesville HUD Metro FMR Area where a significant portion of residents might be renters. The lack of rental properties and the absence of a substantial renter share suggest that 32631 is not a primary target for Section 8 tenants, nor is it likely to be considered a value pocket within the metro.
In summary, ZIP 32631 is a premium sub-market characterized by high home values and an almost entirely owner-occupied housing stock. While the FMR of $1030 provides a benchmark for rental pricing, the scarcity of rental units and the non-existent renter share make it less attractive for landlords seeking Section 8 tenants. Investors should consider these factors when evaluating potential returns and risks associated with properties in this ZIP code.
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.