Location: Palm Bay-Melbourne-Titusville, FL | Metro: Deltona-Daytona Beach-Ormond Beach, 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 | $1,070 |
| 1 Bedroom | $1,220 |
| 2 Bedrooms | $1,430 |
| 3 Bedrooms | $1,910 |
| 4 Bedrooms | $2,170 |
| 5 Bedrooms | $2,517 |
| 6 Bedrooms | $2,819 |
| 7 Bedrooms | $3,045 |
| 8 Bedrooms | $3,197 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,430 | $207,390 | 0.69% | D |
| 3BR | $1,910 | $357,471 | 0.53% | F |
| 4BR | $2,170 | $521,604 | 0.42% | F |
| 5BR | $2,517 | $609,259 | 0.41% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 32754, Mims, FL, is set at $1230 for fiscal year 2024. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 program. It's important to note that this is not the rent you will receive; it is the ceiling for the rent subsidy.
In comparison, the average rent in Mims, FL, based on Census American Community Survey (ACS) data, is $1,262. This indicates that the FMR is slightly below the market rate, suggesting that landlords participating in the Section 8 program might need to adjust their expectations regarding rental income.
The renter share in Mims, FL, is 7.7%. This means that nearly 8 out of every 100 households in the area are renters. For a landlord considering their first Section 8 rental, this percentage reflects the demand for rental housing. While the share is relatively low, it still presents an opportunity to serve a segment of the population that relies on government assistance for housing.
The median home value in Mims, FL, is approximately $386,242. This figure gives you an idea of the acquisition cost if you were to purchase a property in this area to convert into a rental unit. Given the FMR and the local average rent, it's crucial to ensure that the property's maintenance costs and other expenses do not exceed the subsidized rent amount.
Before committing to a Section 8 rental, verify that your property meets the required inspection standards. The Housing Quality Standards (HQS) must be met for the property to be approved under the program. This includes ensuring the property is safe, decent, and sanitary, with all necessary repairs completed.
Participating in the Section 8 program can provide a steady stream of income, but it also comes with responsibilities. Ensure you understand the terms of the program and the specific requirements for properties in ZIP code 32754.
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.