Location: Orlando-Kissimmee-Sanford, FL | Metro: Orlando-Kissimmee-Sanford, FL MSA
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,800 |
| 1 Bedroom | $1,880 |
| 2 Bedrooms | $2,130 |
| 3 Bedrooms | $2,660 |
| 4 Bedrooms | $3,110 |
| 5 Bedrooms | $3,608 |
| 6 Bedrooms | $4,041 |
| 7 Bedrooms | $4,364 |
| 8 Bedrooms | $4,582 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,880 | $168,796 | 1.11% | B |
| 2BR | $2,130 | $264,298 | 0.81% | C |
| 3BR | $2,660 | $376,602 | 0.71% | D |
| 4BR | $3,110 | $475,430 | 0.65% | D |
U.S. Census Bureau data (2024)
The ZIP code 32821 in Orlando, Florida, presents a complex landscape for both renters and landlords. The median household income stands at $69,348, which is relatively modest compared to the market rate for renting. The current market rate for rental properties, known as the Zillow Observed Rent Index (ZORI), is $1,857 per month. This amount represents a significant portion of the average household's monthly income.
To put this into perspective, let's consider the Federal Market Rate (FMR) for voucher payments, which is set at $2,090 for the fiscal year 2024. While this figure is higher than the ZORI, it is still a substantial expense for the average tenant. The fact that 68.3% of the 26,161 residents are renters indicates a high demand for housing, but also a potential challenge in finding tenants who can afford the market rates without assistance.
The disparity between the median income and the market rate suggests an affordability gap that could impact landlord competition. Landlords might find themselves competing not only on price but also on the willingness to accept Section 8 vouchers. Given the higher FMR compared to the ZORI, accepting vouchers could provide a stable source of income while potentially reducing the pool of available tenants.
For landlords considering their strategy, the takeaway is clear: there is a strong incentive to be flexible with voucher acceptance. While cash-paying tenants might offer immediate financial benefits, the reality of the affordability gap means that relying solely on non-assisted rents could leave units vacant longer. Accepting vouchers ensures a steady stream of income and taps into a different segment of the rental market, which could be crucial given the demographic makeup of ZIP 32821.
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.