Section 8 Fair Market Rent (FMR) for ZIP 32735 - 2027

Location: Orlando-Kissimmee-Sanford, FL | Metro: Orlando-Kissimmee-Sanford, FL MSA

Investment Score for ZIP 32735

Monthly Rent (2BR)

$1,790

Median Price (2BR)

$226,942

1% Rule

0.79%

Annual Yield

9.46%

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	$1,500
1 Bedroom	$1,570
2 Bedrooms	$1,790
3 Bedrooms	$2,250
4 Bedrooms	$2,650
5 Bedrooms	$3,074
6 Bedrooms	$3,443
7 Bedrooms	$3,718
8 Bedrooms	$3,904

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
2BR	$1,790	$226,942	0.79%	D
3BR	$2,250	$311,629	0.72%	D
4BR	$2,650	$364,892	0.73%	D

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

5,304

Median Household Income

$68,441

Housing Units

2,480

Renter Percentage

7.8%

Occupancy Rate

82.4%

Renter Occupied

160

Grand Island, FL, located within ZIP code 32735, is a small coastal community that offers potential opportunities for real estate investors, particularly those interested in the rental market. The area's proximity to larger cities and its natural amenities make it attractive for both permanent residents and vacationers.

The Fair Market Rent (FMR) for ZIP 32735 in fiscal year 2024 is set at $1,930. This figure represents the average rent price for a two-bedroom apartment and serves as a benchmark for rental pricing in the area.
The market rent, as per the latest Census American Community Survey (ACS), stands at $1,600. This indicates that while the FMR is higher, actual market conditions suggest a slightly lower average rent price.
The median home value in Grand Island, FL, is $321,458. This suggests that the area is moderately priced, offering a balance between affordability and investment potential.
Renters account for 7.8% of the housing units in ZIP 32735. Although this percentage is relatively low, it still presents a niche market opportunity for landlords focusing on rental properties.
The median household income in the area is $68,441. This income level can support rental prices and provides insight into the financial stability of potential tenants.
Data on days on market (DOM) is currently unavailable, which means there isn't enough recent information to determine how quickly properties are selling or renting in the area.

Synthesizing these points, investors looking to enter the rental market in Grand Island, FL, should focus on properties priced below the FMR but above the market rent average to ensure competitive yet profitable rates. With a median home value of $321,458 and a median income of $68,441, the area supports a moderate rental market. However, the low renter share indicates a smaller pool of potential tenants, making it crucial to target specific demographics such as vacationers or retirees seeking a second home. Despite the lack of recent DOM data, the combination of reasonable property values and stable income levels makes Grand Island a viable option for small-portfolio investors willing to conduct thorough local research.

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.