Location: Palm Bay-Melbourne-Titusville, FL | Metro: Palm Bay-Melbourne-Titusville, 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 | $1,620 |
| 1 Bedroom | $1,860 |
| 2 Bedrooms | $2,170 |
| 3 Bedrooms | $2,900 |
| 4 Bedrooms | $3,300 |
| 5 Bedrooms | $3,828 |
| 6 Bedrooms | $4,287 |
| 7 Bedrooms | $4,630 |
| 8 Bedrooms | $4,862 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,170 | $201,367 | 1.08% | B |
| 3BR | $2,900 | $411,671 | 0.7% | D |
| 4BR | $3,300 | $605,301 | 0.55% | F |
| 5BR | $3,828 | $856,566 | 0.45% | F |
U.S. Census Bureau data (2024)
The ZIP code 32934 in Melbourne, FL stands out within Brevard County due to its unique demographic and economic characteristics. With a population of 18,564 residents, it has a relatively low rental rate at 12.4%, indicating that most residents own their homes. The median income in the area is $104,369, which is above the national average, suggesting a prosperous community. Additionally, the median home value is quite high at $489,508, reflecting the strong real estate market.
Moving to the specifics of Section 8 housing, the Fair Market Rent (FMR) for ZIP 32934 is set at $1,780 for the fiscal year 2024. This is slightly higher than the market rent, which is measured by ZORI (Zillow Observed Rent Index) at $1,731. Landlords participating in the Section 8 program can expect a steady stream of income, with the government covering the rent up to the FMR limit. Given the close alignment between the FMR and market rent, landlords can be assured that the rent they receive will closely match the local rental market conditions, providing a reliable source of revenue.
The data signature for ZIP 32934 indicates a stable environment. The relatively low rental rate suggests that the area is primarily composed of owner-occupied homes, and the high median home value points to a mature neighborhood where property values have been established over time. The slight increase in FMR compared to the market rent also supports this stability, as it shows that the government’s estimates are in line with actual market conditions, reducing the risk of significant fluctuations in rental income.
In summary, ZIP 32934 presents an attractive opportunity for landlords and small-portfolio investors due to its high median income and home values. The voucher economics favor a stable and predictable income stream, making it a solid investment choice within a stable real estate market.
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.