Section 8 Fair Market Rent (FMR) for ZIP 32703 - 2027

Investment Score for ZIP 32703

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,570
1 Bedroom	$1,640
2 Bedrooms	$1,860
3 Bedrooms	$2,320
4 Bedrooms	$2,710
5 Bedrooms	$3,144
6 Bedrooms	$3,521
7 Bedrooms	$3,803
8 Bedrooms	$3,993

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
1BR	$1,640	$138,829	1.18%	B
2BR	$1,860	$232,464	0.8%	C
3BR	$2,320	$331,913	0.7%	D
4BR	$2,710	$437,211	0.62%	D
5BR	$3,144	$575,905	0.55%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 32703 (Apopka, FL) #### Section 8 Voucher Dynamics In ZIP code 32703, the Fair Market Rent (FMR) for a two-bedroom apartment is set at $1860 per month. This figure represents 30.6% of the median household income of $72,880, which aligns with HUD guidelines that suggest rent should not exceed 30% of a household’s income. However, the actual rental market price for a two-bedroom unit is significantly higher, with Zillow reporting a median price of $232,207. The price-to-FMR ratio stands at 10.4x, indicating that the actual market rents are much higher than the FMR. This discrepancy poses significant constraints for voucher holders. They are limited to finding housing that costs no more than $1860 per month, which is far below the market rate. As such, landlords who accept Section 8 vouchers must be willing to rent their properties at rates that are substantially lower than what they could potentially get in the open market. This can lead to a shortage of available units for voucher holders, as many landlords may prefer to rent at higher market rates. #### Affordability & Renter Profile The population of Apopka, FL (ZIP 32703) is 59,269, with 34.2% of residents being renters. This suggests that there is a notable segment of the population that relies on rental housing, making it a key consideration for the local real estate market. With a median household income of $72,880, the affordability of housing is a critical issue for many residents, particularly those who are renting. Given that the occupancy rate is 94.0%, it indicates that the rental market is relatively tight. There is a high demand for rental units, which is likely contributing to the higher market prices. However, the FMR is set well below these market prices, suggesting that the rental market is not entirely accessible to low-income households who might rely on Section 8 vouchers. #### Investor Angle From an investor perspective, the ZIP code 32703 offers mixed opportunities when considering cash flow based on FMR. The FMR for a two-bedroom apartment is $1860, while the market price is $232,207. Given the high price-to-FMR ratio of 10.4x, it is clear that the market rents are significantly higher than the FMR. This means that if an investor is looking to maximize cash flow, they would likely need to consider renting at market rates rather than FMR. However, for investors specifically focused on Section 8 vouchers, the cash flow potential is lower due to the fixed rent limits imposed by FMR. The investment grade in this context would depend on factors such as property management costs, vacancy rates, and the ability to attract and retain tenants who use Section 8 vouchers. Given the tight market and high occupancy rate, there is a risk of higher vacancy rates for properties that only rent at FMR levels. #### Specific Actionable Insights 1. **Focus on Smaller Units**: Since the FMR for smaller units (0BR and 1BR) is lower ($1560 and $1630 respectively), investors might find better cash flow opportunities by focusing on developing or acquiring smaller units. These units are more likely to be rented at FMR levels without leaving too much margin over the voucher amount. 2. **Consider Mixed-Income Developments**: To balance the need for affordable housing with the desire for higher cash flow, investors could consider mixed-income developments. This approach involves setting aside a portion of units for Section 8 voucher holders while renting other units at market rates. For example, a development could offer 0BR and 1BR units at FMR rates and 2BR and 3BR units at market rates, thereby optimizing overall cash flow. 3. **Engage with Local Housing Authorities**: Building strong relationships with local housing authorities can help ensure a steady stream of voucher holders. This is particularly important given the high occupancy rate and the tight rental market. By working closely with these authorities, investors can increase the likelihood of having units occupied by voucher holders, reducing the risk of vacancies. #### Bottom Line For Section 8-focused investors, the ZIP code 32703 presents a challenging environment due to the high price-to-FMR ratio and the tight rental market. While there is a substantial demand for rental housing, the actual market prices are significantly higher than the FMR, which limits the number of units that can be rented at voucher rates. Therefore, the recommendation for this ZIP code is to **Skip** unless investors are prepared to engage in mixed-income developments or have a strategic plan to work closely with local housing authorities to mitigate the risks associated with higher vacancy rates. ### Summary ZIP code 32703 (Apopka, FL) has a median household income of $72,880 and a renter population of 34.2%. The Fair Market Rent (FMR) for a two-bedroom apartment is $1860, but the actual market price is $232,207, leading to a price-to-FMR ratio of 10.4x. This makes it difficult for Section 8 voucher holders to find suitable housing, and for investors, the cash flow potential is lower when renting exclusively at FMR rates. The bottom line recommendation is to skip this ZIP code for pure Section 8 investments unless a mixed-income strategy is employed.

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.