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 | $1,850 |
| 1 Bedroom | $1,930 |
| 2 Bedrooms | $2,190 |
| 3 Bedrooms | $2,730 |
| 4 Bedrooms | $3,190 |
| 5 Bedrooms | $3,700 |
| 6 Bedrooms | $4,144 |
| 7 Bedrooms | $4,476 |
| 8 Bedrooms | $4,700 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,190 | $290,459 | 0.75% | D |
| 3BR | $2,730 | $388,954 | 0.7% | D |
| 4BR | $3,190 | $507,915 | 0.63% | D |
| 5BR | $3,700 | $609,293 | 0.61% | D |
U.S. Census Bureau data (2024)
The 32828 ZIP code represents the University of Central Florida (UCF) and Research Park area, a dynamic hub often termed "Orlando's High-Tech Corridor." This neighborhood is characterized by a dense concentration of STEM jobs and modern amenities. Major employers like Lockheed Martin and Siemens have a significant operational footprint here, drawing a steady stream of professionals and researchers who support the local rental ecosystem. The presence of the large UCF student body further anchors demand for multi-family housing, creating a blend of academic and tenant stability that investors find attractive.
Fiscally, the numbers present a tight but navigable spread. The FY2026 Fair Market Rent (FMR) for a 2-bedroom unit is set at $2,260, while current Zillow market rents sit slightly lower at $2,195. This results in a nominal gap of $65, meaning voucher holders can effectively meet or slightly exceed market rates, offering landlords a viable payment floor. With median home values at $470,432 and a median 2BR sale price of $294,191, the barrier to entry is moderate, and properties move efficiently, evidenced by a median days on market of just 38 days.
The tenant pool is robust, supported by a high median household income of $101,767, well above the regional average. While the renter share is 36.3%, the area's affluence suggests that any Section 8 tenants will likely be working families or voucher holders connected to the university or service sectors rather than deep poverty. The neighborhood is served by top-rated Orange County Public Schools and offers extensive transit links via the Lynx bus system, enhancing its appeal for families reliant on public transportation who need reliable access to UCF and downtown Orlando.
The strongest investor angle here is stability and appreciation rather than aggressive cash flow above market. Because the FMR exceeds the ZORI market rent, voucher payments are competitive, reducing vacancy risk in a high-demand tech corridor. The quick 38-day turnover rate indicates high liquidity, and the underlying $470,432 home value points to long-term asset growth. Investors should view 32828 as a defensive hold where Section 8 provides a reliable income stream in an appreciating, high-income locale.
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.