Location: Palm Bay-Melbourne-Titusville, FL | Metro: Palm Bay-Melbourne-Titusville, FL MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,800 |
| 1 Bedroom | $2,070 |
| 2 Bedrooms | $2,420 |
| 3 Bedrooms | $3,240 |
| 4 Bedrooms | $3,680 |
| 5 Bedrooms | $4,269 |
| 6 Bedrooms | $4,781 |
| 7 Bedrooms | $5,163 |
| 8 Bedrooms | $5,421 |
U.S. Census Bureau data (2024)
The ZIP code 32925 is a renter-heavy area with significant demand for housing vouchers. With a population of 1,644 and 100.0% of residents being renters, it is evident that this community relies heavily on rental properties. The median household income in this ZIP is $76,250, which provides insight into the economic status of potential tenants.
The typical market rent of $2,190 consumes a substantial portion of the local income. To put this into perspective, the average rent represents approximately 28.7% of the median household income when calculated annually. This figure is derived from the annualized market rent of $26,280 ($2,190 x 12 months), which is then divided by the median household income of $76,250. Such a high percentage of income dedicated to rent can be challenging for tenants, especially those who rely on Section 8 vouchers.
Comparing the market rent to the Fair Market Rent (FMR) of $2,060 for fiscal year 2024, there is a discrepancy of $130. This means that landlords might find themselves slightly above the FMR threshold, which could affect their ability to attract tenants who solely depend on vouchers. However, the proximity to the FMR suggests that many voucher holders could still afford the rent if they contribute an additional amount.
In terms of the tenant profile, landlords in ZIP 32925 should expect a mix of individuals and families who are likely to be on low to moderate incomes. These tenants will most probably require some form of financial assistance to cover their housing costs. Given the high rent-to-income ratio, it is crucial for landlords to ensure that their properties meet the necessary standards and requirements set by the Housing Choice Voucher program to remain competitive and attractive to voucher holders.
To summarize, ZIP 32925 is a prime location for landlords looking to cater to a renter-heavy market with a strong demand for housing vouchers. While the market rent is slightly higher than the FMR, the majority of tenants will still be able to afford the rent with the help of vouchers, making it a viable option for both landlords and small-portfolio investors.
Data Sources: FMR data from HUD (2027). 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.