Section 8 Fair Market Rent (FMR) for ZIP 32811 - 2027

Investment Score for ZIP 32811

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	$1,670
1 Bedroom	$1,740
2 Bedrooms	$1,970
3 Bedrooms	$2,460
4 Bedrooms	$2,870
5 Bedrooms	$3,329
6 Bedrooms	$3,728
7 Bedrooms	$4,026
8 Bedrooms	$4,227

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
1BR	$1,740	$114,861	1.51%	A+
2BR	$1,970	$164,885	1.19%	B
3BR	$2,460	$230,568	1.07%	B
4BR	$2,870	$279,219	1.03%	B
5BR	$3,329	$331,655	1%	B

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 32811 (Orlando, FL) #### Section 8 Voucher Dynamics The Fair Market Rent (FMR) for ZIP code 32811 is set by HUD for the year 2026. The FMRs are as follows: - 0BR: $1640 - 1BR: $1720 - 2BR: $1960 - 3BR: $2460 - 4BR: $2910 These figures represent the maximum amount that a Section 8 voucher holder can pay for rent in each unit type. However, it's important to note that the price-to-FMR ratio for a typical 2BR unit in this area is 7.2x, meaning the median home value on Zillow is $169,962. This suggests that actual market rents are significantly higher than the FMRs. For instance, a 2BR unit would likely rent for around $1960 * 7.2 = $14,112 per month, which is far above the $1960 limit for voucher holders. Therefore, voucher holders face significant constraints in finding affordable housing within their budget. #### Affordability & Renter Profile ZIP code 32811 has a population of 41,475, with a substantial 69.9% of residents being renters. This indicates a strong rental market where demand is high. The occupancy rate stands at 80.7%, suggesting that there is a relatively tight market with limited vacancies. Given the median household income of $54,082, the 2BR FMR of $1960 represents 43.5% of the median income. This means that for many residents, especially those relying on Section 8 vouchers, housing costs can be a significant burden. The high percentage of renters and the tight occupancy rate indicate that there is a strong need for affordable housing options. However, the disparity between FMR and actual market rents suggests that many units are out of reach for low-income families, leading to potential challenges in securing stable housing. #### Investor Angle From an investor perspective, the key question is whether properties can generate positive cash flow at the FMR levels. To assess this, we must consider the cost of acquisition and the ongoing expenses such as maintenance, property taxes, and insurance. Given the Zillow median home value for a 2BR unit at $169,962, and assuming a typical cap rate of 5% to 6% for this area, the expected annual rental income would be approximately $8,498 to $10,198. At the FMR level of $1960 for a 2BR unit, the annual rental income would be $23,520, which is well above the expected income from a typical investment property. However, the actual market rents are much higher, at around $14,112 per month. This means that while the FMR provides a lower rent ceiling, it still allows for a reasonable cash flow if the property is acquired at a price below the Zillow median. The investment grade would be considered moderate to good, given the strong rental demand and the likelihood of positive cash flow even at the FMR level. #### Specific Actionable Insights 1. **Focus on Affordable Units**: Investors should focus on acquiring properties that are priced below the Zillow median value. For example, a 2BR unit priced at $130,000 could generate a positive cash flow when rented at the FMR of $1960. This would provide an annual rental income of $23,520, which is higher than the expected income from a typical investment property. 2. **Consider Renovation Projects**: Given the high percentage of renters and the tight market, there is an opportunity to acquire older, less expensive properties and renovate them to meet the FMR standards. A 2BR unit that requires renovation could be purchased for $100,000 and renovated for an additional $30,000, bringing the total cost to $130,000. If rented at $1960 per month, this would yield a positive cash flow. 3. **Target Properties Near Public Transportation**: With a large portion of the population being renters, properties located near public transportation can attract tenants who rely on Section 8 vouchers. These properties can command slightly higher rents due to their convenience, making them more attractive to investors. #### Bottom Line For Section 8-focused investors, the recommendation is to **Buy** properties in ZIP code 32811, particularly those that are priced below the Zillow median value and can be rented at the FMR levels. The strong rental demand and high percentage of renters make this a favorable market for investment, despite the constraints faced by voucher holders. The potential for positive cash flow and the ability to target affordable units make this ZIP code a good opportunity for investors looking to capitalize on the rental market dynamics.

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.