Location: Ocala, FL | Metro: Ocala, FL MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,020 |
| 1 Bedroom | $1,060 |
| 2 Bedrooms | $1,240 |
| 3 Bedrooms | $1,600 |
| 4 Bedrooms | $1,720 |
| 5 Bedrooms | $1,995 |
| 6 Bedrooms | $2,234 |
| 7 Bedrooms | $2,413 |
| 8 Bedrooms | $2,534 |
U.S. Census Bureau data (2024)
The ZIP code 34420, located in Belleview, FL, is home to 19,465 residents, with 28.1% being renters. This indicates that it is a moderately renter-heavy area, not dominated by homeowners. The median household income in this region stands at $60,680, which provides a benchmark for assessing the affordability of housing.
The average market rent for properties in this ZIP is $1,142 per month. Given the median income, this means that the typical rent consumes approximately 22.7% of the monthly income. This calculation is derived from dividing the annual median income by 12 months and then dividing the monthly rent by this figure. To be precise, $60,680 divided by 12 equals about $5,056.67 per month, and $1,142 divided by $5,056.67 is roughly 22.7%. This percentage aligns well with federal guidelines, which generally recommend that housing costs should not exceed 30% of a household's income.
The Fair Market Rent (FMR) for the fiscal year 2024 in ZIP 34420 is set at $1,130. This figure closely matches the market rent, indicating that the rental market is fairly aligned with federal standards. Landlords can expect a strong demand for rental units among tenants who qualify for Section 8 vouchers, given the relatively high proportion of renters and the alignment between market rents and FMRs.
A landlord in this area should anticipate tenants who rely on Section 8 vouchers due to the significant number of renters and the economic conditions that make affordable housing essential. These tenants will likely have a household income below the median, necessitating assistance to afford typical market rents. They will also be keen on finding stable, quality living environments within their budget constraints. Therefore, offering well-maintained properties at or slightly above the FMR will attract a steady stream of qualified applicants seeking reliable housing solutions.
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.