Location: Palm Bay-Melbourne-Titusville, FL | Metro: Palm Bay-Melbourne-Titusville, FL MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,330 |
| 1 Bedroom | $1,530 |
| 2 Bedrooms | $1,780 |
| 3 Bedrooms | $2,380 |
| 4 Bedrooms | $2,710 |
| 5 Bedrooms | $3,144 |
| 6 Bedrooms | $3,521 |
| 7 Bedrooms | $3,803 |
| 8 Bedrooms | $3,993 |
ZIP code 32924, located within the Palm Bay-Melbourne-Titusville, FL MSA, has a Fair Market Rent (FMR) of $1430 for fiscal year 2024. This figure represents the median rent for a standard two-bedroom apartment in the area, as set by HUD for determining eligibility for housing assistance programs like Section 8.
While specific data on market rent, home values, and renter share percentages for ZIP 32924 is currently unavailable, we can infer its position relative to other ZIP codes within the MSA based on the FMR alone. The FMR of $1430 suggests that 32924 is likely a mid-tier neighborhood within the Palm Bay-Melbourne-Titusville metro. Typically, ZIP codes with FMRs around this level offer a balance between affordability and living standards, making them attractive to both tenants and landlords.
In contrast, premium sub-markets within the same MSA would likely have higher FMRs, reflecting more desirable locations, better amenities, and potentially higher demand. Value pockets, on the other hand, would have lower FMRs, indicating areas where rents are more affordable but might also come with trade-offs such as less access to amenities or slightly lower property quality.
The absence of data on market rent and home values means we cannot directly compare these metrics to the broader MSA trends. However, if the renter share percentage were to be significantly higher than the average for the Palm Bay-Melbourne-Titusville MSA, it could signal that 32924 is a particularly attractive area for Section 8 participants. A high concentration of renters in an area with below-average home values often indicates a sweet spot for landlords participating in the Section 8 program, as it suggests strong demand for rental properties at subsidized rates.
To make a more definitive assessment, landlords and small-portfolio investors should consider conducting a deeper analysis of the local real estate market, including trends in rental demand, property values, and the availability of Section 8 vouchers in the area. This will provide a clearer picture of whether 32924 represents a value pocket, a mid-tier neighborhood, or a premium sub-market within the Palm Bay-Melbourne-Titusville, FL MSA.
Data Sources: FMR data from HUD (2027).
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.