Section 8 Fair Market Rent (FMR) for ZIP 32808 - 2027

Investment Score for ZIP 32808

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	$1,460
1 Bedroom	$1,520
2 Bedrooms	$1,720
3 Bedrooms	$2,150
4 Bedrooms	$2,510
5 Bedrooms	$2,912
6 Bedrooms	$3,261
7 Bedrooms	$3,522
8 Bedrooms	$3,698

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
2BR	$1,720	$164,930	1.04%	B
3BR	$2,150	$262,051	0.82%	C
4BR	$2,510	$303,979	0.83%	C
5BR	$2,912	$338,755	0.86%	C

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 32808 (Pine Hills, FL) #### Section 8 Voucher Dynamics The Fair Market Rent (FMR) for ZIP code 32808 is set by HUD for 2026 as follows: - 0BR: $1460 - 1BR: $1530 - 2BR: $1740 (which represents 42.0% of the median household income) - 3BR: $2180 - 4BR: $2580 These FMRs represent the maximum rent that a Section 8 voucher holder can pay. However, the actual rental market in Pine Hills, FL, has a different dynamic. According to Zillow, the median price for a 2BR property is $164,307. This implies that the median rent for a 2BR unit is likely higher than the FMR. The Price-to-FMR ratio for a 2BR unit is 7.9x, which means that the average rent for a 2BR unit is approximately $13,746 annually ($1740 * 7.9). This suggests that the actual rents in the area are significantly higher than what the FMR allows. For instance, a voucher holder would only be able to afford a 2BR unit if it costs $1740 per month, whereas the typical market rent could be much higher. This creates a constraint for voucher holders, limiting their housing options to units that are either below market rates or willing to accept the voucher amount. #### Affordability & Renter Profile ZIP code 32808 has a population of 60,203, with 58.0% of residents being renters. The occupancy rate is 93.5%, indicating a high demand for rental properties. Given the median household income of $49,700, the majority of renters are likely to be low-income families who rely on government assistance such as Section 8 vouchers. The affordability of housing is a significant issue in Pine Hills, especially considering that the FMR for a 2BR unit is only 42.0% of the median income. This means that even without additional financial burdens, a substantial portion of the population may struggle to find affordable housing. The high rent-to-income ratio and the fact that actual rents are much higher than FMR suggest that this is a tight market where competition for affordable units is fierce. #### Investor Angle From an investor’s perspective, the ZIP code 32808 presents both opportunities and challenges. The FMR for a 2BR unit is $1740, but the actual median rent is likely much higher due to the Price-to-FMR ratio of 7.9x. If an investor were to purchase a 2BR property at the median price of $164,307 and rent it out at the FMR, they would need to ensure that the property generates sufficient cash flow to cover mortgage payments, maintenance, and other expenses. Assuming a 30-year fixed-rate mortgage at an interest rate of 5.0%, the monthly mortgage payment for a $164,307 property would be around $885. Adding typical operating costs such as property taxes, insurance, and maintenance, the total monthly expense could range between $1,100 and $1,300. At an FMR of $1740, the net cash flow would be approximately $440 to $640 per month, which is positive but relatively modest. Given the high demand for rental properties and the tight market conditions, the investment grade for this ZIP code is moderate to good. However, investors should be aware that relying solely on Section 8 vouchers might limit their pool of potential tenants and could result in lower overall returns compared to market-rate rentals. #### Specific Actionable Insights 1. **Focus on Units Below FMR**: Investors should consider purchasing properties that are priced below the FMR to ensure a steady stream of Section 8 tenants. For example, a 2BR unit priced at $1500 per month would be more attractive to voucher holders and could provide a better return on investment. 2. **Diversify Tenant Pool**: To mitigate the risk associated with relying solely on Section 8 vouchers, investors should consider diversifying their tenant pool. This could include offering market-rate rentals alongside Section 8 units, which would help balance the cash flow and reduce dependency on government subsidies. 3. **Consider Renovation Projects**: Given the high demand for affordable housing, investors might find it beneficial to purchase older properties at a lower price and renovate them to meet the FMR standards. This approach could potentially yield higher returns if the renovated units can command slightly higher rents while still remaining within the FMR limits. #### Bottom Line For Section 8-focused investors, ZIP code 32808 offers a moderate investment opportunity. While there is a high demand for rental properties, the tight market and high actual rents compared to FMR create some challenges. Investors should focus on acquiring units that are priced below the FMR and consider diversifying their tenant pool to ensure stable cash flow. Based on the data provided, the recommendation is to **Hold** this ZIP code for now, given the constraints and the need for careful selection of properties to maximize returns while meeting the needs of voucher holders.

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.