Section 8 Fair Market Rent (FMR) for ZIP 32766 - 2027

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

Investment Score for ZIP 32766

Monthly Rent (2BR)

$2,480

Median Price (2BR)

$276,094

1% Rule

0.9%

Annual Yield

10.78%

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	$2,100
1 Bedroom	$2,190
2 Bedrooms	$2,480
3 Bedrooms	$3,100
4 Bedrooms	$3,620
5 Bedrooms	$4,199
6 Bedrooms	$4,703
7 Bedrooms	$5,079
8 Bedrooms	$5,333

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	$2,480	$276,094	0.9%	C
3BR	$3,100	$415,325	0.75%	D
4BR	$3,620	$660,204	0.55%	F
5BR	$4,199	$798,201	0.53%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

16,221

Median Household Income

$147,552

Housing Units

5,081

Renter Percentage

10.8%

Occupancy Rate

99.6%

Renter Occupied

549

To determine if a landlord should invest in ZIP 32766 (Oviedo, FL) for Section 8 properties, follow this decision tree using the specific data points provided.

Step 1: Does the Fair Market Rent (FMR) of $2700 cover the debt service on a property valued at $595,290?

No: The FMR of $2700 does not clear the debt service on a $595,290 property, indicating that this investment would not be financially viable under current conditions.
Yes: Proceed to Step 2.

Step 2: Compare the Zillow Observed Rental Index (ZORI) of $2,461 to the FMR of $2700.

ZORI is below FMR: The market rent is below the FMR, which means there is potential to charge higher rents under Section 8 without breaching the fair market rate. This can make the property more attractive for Section 8 tenants.
ZORI is equal to or above FMR: The market rent is competitive with or exceeds the FMR, suggesting limited upside for rental rates. This could indicate that landlords might struggle to find tenants willing to pay the FMR, especially if market rates are already high.

Step 3: Evaluate the rental demand in Oviedo, FL.

Renters comprise 10.8% of the population and Days on Market (DOM) is N/A: With only 10.8% of the population being renters, the demand for rental properties is relatively low. However, the lack of data on DOM indicates either insufficient transactions to establish an average or a stable market where properties are rented quickly. In either case, the low percentage of renters suggests that landlords will need to carefully consider their investment strategy to ensure they can attract and retain tenants.

Based on these steps, a landlord considering ZIP 32766 for Section 8 investments should first confirm whether the FMR covers their debt service. If it does not, they should look elsewhere. If it does, they must then assess the competitiveness of market rents against the FMR. Finally, they need to weigh the low rental demand against the potential stability of the rental market indicated by the N/A DOM status. The decision ultimately hinges on these factors and the landlord's risk tolerance.

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.