Location: Putnam County, FL | Metro: Jacksonville, FL HUD Metro FMR Area
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 | $1,020 |
| 1 Bedroom | $1,040 |
| 2 Bedrooms | $1,230 |
| 3 Bedrooms | $1,500 |
| 4 Bedrooms | $1,890 |
| 5 Bedrooms | $2,192 |
| 6 Bedrooms | $2,455 |
| 7 Bedrooms | $2,651 |
| 8 Bedrooms | $2,784 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,040 | $161,627 | 0.64% | D |
| 2BR | $1,230 | $215,240 | 0.57% | F |
| 3BR | $1,500 | $294,529 | 0.51% | F |
| 4BR | $1,890 | $405,078 | 0.47% | F |
U.S. Census Bureau data (2024)
The ZIP code 32656, Keystone Heights, FL, presents a market where demand appears to be closely aligned with supply, but slight indicators suggest a lean towards demand outpacing supply. The Fair Market Rent (FMR) set at $1250 for fiscal year 2024 is notably higher than the reported market rent of $1,089, based on Census ACS data. This discrepancy hints at a scenario where rents are expected to rise, driven by a potential increase in demand or a tightening of supply.
A low price-cut share of 0.2% implies that sellers are generally not having to reduce their asking prices to attract buyers, which is a positive sign for the local real estate market. It suggests that homes are selling at or near the listed price, indicating strong buyer interest. However, the lack of data on days on market (DOM) prevents a complete analysis of how quickly properties are moving.
The median home value in Keystone Heights is $282,173. While this figure alone doesn't reveal the entire story, it provides a baseline for understanding the typical property value in the area. Coupled with the relatively low FMR compared to the median home value, it indicates that homeownership might be more accessible than in areas with higher median values and higher rents.
A 16.6% renter share points to a market where a significant portion of residents are not homeowners. This high percentage of renters can exert long-term housing pressure, as these individuals may eventually seek to purchase homes, thereby increasing demand for residential properties. Additionally, a larger rental market can provide a buffer against economic downturns, as renters can move more easily than homeowners, potentially stabilizing the housing market.
In summary, Keystone Heights exhibits characteristics of a balanced yet dynamic real estate market. With slightly rising rents and minimal price cutting, the area demonstrates signs of demand stability or growth. The median home value and renter share offer insights into the accessibility of homeownership and the underlying housing pressures, respectively, shaping the overall market conditions.
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.