Section 8 Fair Market Rent (FMR) for ZIP 32792 - 2027

Investment Score for ZIP 32792

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	$1,690
1 Bedroom	$1,760
2 Bedrooms	$2,000
3 Bedrooms	$2,500
4 Bedrooms	$2,920
5 Bedrooms	$3,387
6 Bedrooms	$3,793
7 Bedrooms	$4,096
8 Bedrooms	$4,301

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
1BR	$1,760	$132,639	1.33%	A
2BR	$2,000	$211,337	0.95%	C
3BR	$2,500	$396,045	0.63%	D
4BR	$2,920	$548,594	0.53%	F
5BR	$3,387	$847,659	0.4%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 32792 (Winter Park, FL) #### Section 8 Voucher Dynamics The Fair Market Rent (FMR) for Winter Park, FL (ZIP 32792), is set by HUD for 2026 as follows: - 0BR: $1710 - 1BR: $1790 - 2BR: $2040 (which is 35.4% of the median household income) - 3BR: $2560 - 4BR: $3020 These figures represent the maximum rent that a Section 8 voucher holder can pay based on the size of the unit they need. However, it is important to understand how these FMRs compare to actual rents in the area. The Zillow median price for a 2BR property in this ZIP code is $211,988, which translates to a rental price-to-FMR ratio of 8.7x. This suggests that actual rents are significantly higher than the FMRs. For instance, if we assume a typical rental yield of 5%, the monthly rent for a 2BR property priced at $211,988 would be approximately $883. Given that the FMR for a 2BR unit is $2040, landlords would likely have to charge much less than the market rate to accommodate Section 8 tenants. This discrepancy highlights the challenge for voucher holders who may struggle to find units within their budget, especially in a high-demand market like Winter Park. #### Affordability & Renter Profile Winter Park has a population of 52,976, with 52.0% of residents being renters. The occupancy rate stands at 92.3%, indicating a robust demand for rental properties. With a median household income of $69,200, the affordability of housing is a significant concern for many residents. The FMR for a 2BR unit at $2040 represents only 35.4% of the median income, suggesting that while it is affordable for some, it may still be a stretch for others, particularly those relying solely on Section 8 vouchers. Given the high proportion of renters and the tight occupancy rate, the market is likely competitive, with many potential tenants vying for limited rental units. This dynamic makes it challenging for Section 8 voucher holders to secure housing, as landlords might prefer higher-paying tenants who do not require the additional administrative burden associated with Section 8 vouchers. #### Investor Angle From an investor perspective, the ZIP code 32792 presents both opportunities and challenges. The FMRs are set well below the market rates, which means that investors looking to capitalize on Section 8 vouchers must be prepared to accept lower rents compared to what the market could bear. To determine if this ZIP code is cash-flow positive at FMR, we need to consider the typical operating costs of a rental property. Assuming a conservative estimate of 50% of the rental income going towards expenses (including mortgage payments, maintenance, insurance, and property taxes), the net cash flow for a 2BR unit at $2040 per month would be approximately $1020. This figure needs to cover all operational costs and provide a reasonable profit margin. The investment grade for this ZIP code would depend on the balance between rental income and expenses. If the property can be acquired at a price that allows for a comfortable cash flow at FMR levels, it could be considered a solid investment. However, given the high median home prices and the likelihood of higher-than-average property taxes and maintenance costs in a desirable location like Winter Park, achieving positive cash flow at FMR might be difficult. #### Specific Actionable Insights 1. **Focus on Smaller Units**: Given the high price-to-FMR ratio, investors should focus on smaller units such as 0BR and 1BR apartments. These units have FMRs of $1710 and $1790 respectively, which are closer to the actual market rents. This strategy would increase the chances of finding tenants willing to pay the FMR without straining their budgets too much. 2. **Consider Location-Specific Strategies**: Since Winter Park is a desirable location, investors might want to consider properties in slightly less prime areas within the ZIP code. These areas might offer more competitive pricing and lower operating costs, making it easier to achieve positive cash flow at FMR levels. 3. **Evaluate Property Condition**: Due to the tight market, well-maintained and modernized properties will likely attract more tenants. Investors should ensure that any property they purchase is in good condition and offers amenities that make it attractive to Section 8 voucher holders. This could include features like air conditioning, updated appliances, and reliable internet connectivity. #### Bottom Line Based on the provided data, the ZIP code 32792 (Winter Park, FL) presents a mixed picture for Section 8-focused investors. While there is a strong demand for rental properties and a high percentage of renters, the significant gap between FMR and market rents poses a challenge. **Recommendation**: **Hold**. Investors should proceed cautiously and consider focusing on smaller units or properties in less prime locations within the ZIP code. Additionally, thorough due diligence on property conditions and operating costs is essential to ensure that investments remain viable despite the lower rent ceiling imposed by Section 8 vouchers.

Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.