Section 8 Fair Market Rent (FMR) for ZIP 32976 - 2027

Location: Palm Bay-Melbourne-Titusville, FL | Metro: Palm Bay-Melbourne-Titusville, FL MSA

Investment Score for ZIP 32976

Monthly Rent (2BR)

$1,660

Median Price (2BR)

$176,960

1% Rule

0.94%

Annual Yield

11.26%

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	$1,240
1 Bedroom	$1,420
2 Bedrooms	$1,660
3 Bedrooms	$2,220
4 Bedrooms	$2,530
5 Bedrooms	$2,935
6 Bedrooms	$3,287
7 Bedrooms	$3,550
8 Bedrooms	$3,728

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
2BR	$1,660	$176,960	0.94%	C
3BR	$2,220	$334,936	0.66%	D
4BR	$2,530	$502,768	0.5%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

9,156

Median Household Income

$46,712

Housing Units

6,975

Renter Percentage

7.9%

Occupancy Rate

75.9%

Renter Occupied

419

Micco, FL, located in ZIP code 32976, is a small coastal community known for its tranquil atmosphere and proximity to larger urban centers. This area presents a unique opportunity for real-estate investors interested in both rental properties and homeownership opportunities.

The Fair Market Rent (FMR) for Micco is set at $1,140 per month for the fiscal year 2024, according to HUD standards.
The average market rent for properties in Micco is $1,430 per month, based on recent data from the U.S. Census Bureau's American Community Survey (ACS).
The median home value in the area is $229,099, indicating a relatively affordable housing market compared to other coastal areas.
Renters make up 7.9% of the population, which is lower than the national average, suggesting a strong potential for growth in the rental market.
The median household income in Micco is $46,712, providing insight into the financial capabilities of residents.
Unfortunately, the exact number of days on market (DOM) for rental properties is not available, which could be due to limited data or low turnover rates.

Given these metrics, Micco offers a stable yet undervalued real-estate market. The gap between the HUD FMR and actual market rents indicates that there is room for price adjustment without losing tenants. With a median home value under $230,000 and a median income of around $46,712, the area is attractive for first-time buyers and investors looking for properties below the national average. Although the renter share is currently low, the potential for growth suggests that investing in rental properties could yield positive returns as demand increases. Landlords and small-portfolio investors should focus on maintaining competitive pricing and quality management practices to capitalize on the area's steady growth trajectory.

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.