Location: Ocala, FL | Metro: Ocala, FL MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,020 |
| 1 Bedroom | $1,060 |
| 2 Bedrooms | $1,240 |
| 3 Bedrooms | $1,600 |
| 4 Bedrooms | $1,720 |
| 5 Bedrooms | $1,995 |
| 6 Bedrooms | $2,234 |
| 7 Bedrooms | $2,413 |
| 8 Bedrooms | $2,534 |
U.S. Census Bureau data (2024)
The economics of Section 8 in ZIP code 32664 operate under specific guidelines that affect both landlords and tenants. For a two-bedroom apartment in this ZIP, the SAFMR (Small Area Fair Market Rent) is set at $1140 per month for fiscal year 2024. This SAFMR is unique to this ZIP code and reflects the localized rental market conditions.
To understand how much a voucher will pay, it's crucial to factor in the tenant portion and utility allowances. Typically, the tenant contributes approximately 30% of their adjusted income towards rent. If we assume an average adjusted income of $1500 for a tenant in ZIP 32664, they would contribute around $450. The remaining amount is covered by the Housing Choice Voucher Program. However, the program has a limit on how much it can reimburse, which is tied to the SAFMR.
In ZIP 32664, if the market rent for a two-bedroom unit were higher than the SAFMR, the voucher would only cover up to $1140. Any amount above this figure would need to be paid by the tenant directly, which can create financial strain and reduce the likelihood of securing tenants. Conversely, if the market rent is lower than the SAFMR, the landlord could potentially receive a surplus, but this scenario is less common.
The utility allowances vary based on the region and type of dwelling. In ZIP 32664, the typical utility allowance might be around $200-$300 per month. This allowance is additional to the rent reimbursement and helps cover the cost of utilities for the tenant.
To summarize, when a landlord participates in the Section 8 program in ZIP 32664, the voucher will cover up to $1140 for a two-bedroom apartment, plus any applicable utility allowances. The reimbursement gap or surplus depends on the actual market rent. Given the SAFMR of $1140, landlords should expect a reimbursement that matches this figure, minus the tenant's contribution and plus utility allowances. This means landlords could see a reimbursement close to the SAFMR, but not exceeding it, leading to a potential surplus if the market rent is below the SAFMR or a gap if it exceeds it.
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.