Location: Orlando-Kissimmee-Sanford, FL | Metro: Ocala, FL MSA
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 | $1,150 |
| 1 Bedroom | $1,210 |
| 2 Bedrooms | $1,370 |
| 3 Bedrooms | $1,730 |
| 4 Bedrooms | $2,090 |
| 5 Bedrooms | $2,424 |
| 6 Bedrooms | $2,715 |
| 7 Bedrooms | $2,932 |
| 8 Bedrooms | $3,079 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,370 | $164,987 | 0.83% | C |
| 3BR | $1,730 | $361,066 | 0.48% | F |
U.S. Census Bureau data (2024)
The market dynamics in ZIP 32702, encompassing Altoona, FL, reveal a scenario where demand is likely outpacing supply. This inference is drawn from the comparison between the Fair Market Rent (FMR) of $1460 for the fiscal year 2024 and the significantly higher market rent of $3,501 based on the latest Census ACS data. The substantial gap between these two figures suggests that the rental market is robust, with rents being driven upwards by strong tenant demand.
A further indicator of this demand-supply imbalance is the high renter share of 39.4%. In a market where nearly 40% of households are renters, there is inherent long-term housing pressure. This statistic implies a consistent need for rental properties, which can sustain high rental rates and occupancy levels over time. For landlords and small-portfolio investors, this translates into a stable and potentially lucrative investment environment, as the ongoing demand for rentals ensures a steady stream of income.
The median home value of $280,091 in ZIP 32702 provides insight into the overall economic health of the area. While this figure alone does not indicate whether supply outpaces demand, it does suggest that homeownership is accessible but not necessarily abundant, given the high renter share. This accessibility can be seen as a positive factor for potential homebuyers, though it also underscores the importance of rental properties in meeting the housing needs of the population.
In summary, ZIP 32702 presents a market characterized by strong rental demand and relatively high renter share, indicative of an environment where the pressure to find suitable housing is significant. For investors, this points towards a market that is actively moving towards higher rental values, sustained by a robust tenant base.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.