Section 8 Fair Market Rent (FMR) for ZIP 32780 - 2027

Location: Palm Bay-Melbourne-Titusville, FL | Metro: Palm Bay-Melbourne-Titusville, FL MSA

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,080
1 Bedroom	$1,240
2 Bedrooms	$1,450
3 Bedrooms	$1,940
4 Bedrooms	$2,210
5 Bedrooms	$2,564
6 Bedrooms	$2,872
7 Bedrooms	$3,102
8 Bedrooms	$3,257

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

40,064

Median Household Income

$67,690

Housing Units

19,735

Renter Percentage

28.2%

Occupancy Rate

82.3%

Renter Occupied

4,571

Housing Authorities Serving ZIP 32780

HOUSING AUTHORITY OF BREVARD COUNTY (Melbourne, FL) - 2,173 Section 8 vouchers
HOUSING AUTHORITY OF THE CITY OF TITUSVILLE (Titusville, FL) - 763 Section 8 vouchers
HOUSING AUTHORITY OF THE CITY OF COCOA (Cocoa, FL) - 221 Section 8 vouchers
MELBOURNE HOUSING AUTHORITY (Melbourne, FL)

Titusville, FL, located in Brevard County, is a growing residential area that offers both rental and homeownership opportunities. The city's proximity to Kennedy Space Center and its relatively affordable living costs make it an attractive option for families and individuals seeking a stable environment.

The Fair Market Rent (FMR) for a two-bedroom apartment in Titusville for fiscal year 2024 is set at $1260, indicating the government benchmark for affordable housing.
The market rent, as measured by Zillow's ZORI (Zillow Observed Rent Index), stands at $1,609, suggesting that the actual rental prices are higher than the FMR, reflecting a stronger demand in the private sector.
The median home value in Titusville is $272,965, which is significantly lower than the national average, making it an appealing location for first-time homebuyers and investors alike.
Renters account for 28.2% of the population, showing a notable share of the market dedicated to rentals.
The days on market (DOM) for properties in Titusville is 56 days, which is slightly above average, indicating a moderate pace of sales in the real estate market.
The median household income in the area is $67,690, providing insight into the financial capabilities of potential tenants and buyers.

In summary, Titusville presents a balanced real estate market with a strong rental sector, evidenced by the disparity between FMR and ZORI figures. The median home value suggests good affordability for investors looking to purchase properties, while the median income indicates a stable tenant base capable of meeting rental demands. The moderate DOM reflects a steady, but not overheated, sales environment, suitable for long-term investment strategies.

Data Sources: FMR data from HUD (2027). 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.