Section 8 Fair Market Rent (FMR) for ZIP 32962 - 2027

Location: Sebastian-Vero Beach-West Vero Corridor, FL | Metro: Sebastian-Vero Beach-West Vero Corridor, FL MSA

Investment Score for ZIP 32962

Monthly Rent (2BR)

$1,470

Median Price (2BR)

$190,680

1% Rule

0.77%

Annual Yield

9.25%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,120
1 Bedroom	$1,120
2 Bedrooms	$1,470
3 Bedrooms	$1,790
4 Bedrooms	$2,460
5 Bedrooms	$2,854
6 Bedrooms	$3,196
7 Bedrooms	$3,452
8 Bedrooms	$3,625

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
1BR	$1,120	$91,166	1.23%	A
2BR	$1,470	$190,680	0.77%	D
3BR	$1,790	$306,398	0.58%	F
4BR	$2,460	$395,005	0.62%	D
5BR	$2,854	$524,311	0.54%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

25,522

Median Household Income

$66,664

Housing Units

12,602

Renter Percentage

20.3%

Occupancy Rate

80.1%

Renter Occupied

2,049

Vero Beach, FL, represented by ZIP code 32962, is a coastal community known for its natural beauty and relaxed lifestyle. The area attracts retirees and families, contributing to a steady demand for rental properties. This analysis provides insights into the current market conditions, focusing on key metrics that are crucial for landlords and small-portfolio investors.

The Fair Market Rent (FMR) for a two-bedroom apartment in ZIP 32962 for fiscal year 2024 is set at $1,470.
The Zillow Observed Rental Index (ZORI), which reflects the actual market rent, stands at $1,841 for the same property type.
The median home value in the area is $258,865, indicating a relatively affordable housing market.
Renters make up 20.3% of the local housing market, suggesting a significant portion of the population relies on rental properties.
The days on market (DOM) for rental listings average 45 days, which is a moderate timeframe and can be indicative of a balanced rental market.
The median household income in Vero Beach is $66,664, providing context for the economic stability of potential tenants.

Synthesizing these points, the rental market in Vero Beach appears stable and moderately favorable for investors. The gap between the ZORI and FMR suggests that there is room for competitive pricing in the rental sector. With a significant renter share and moderate DOM, the area shows consistent demand for rental properties. The median home value and income levels indicate a middle-class demographic, which could support steady tenant occupancy and rental payments. Landlords and investors should consider these factors when evaluating investment opportunities in the region.

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.