Location: Homosassa Springs, FL | Metro: Homosassa Springs, FL MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $980 |
| 1 Bedroom | $980 |
| 2 Bedrooms | $1,190 |
| 3 Bedrooms | $1,650 |
| 4 Bedrooms | $1,990 |
| 5 Bedrooms | $2,308 |
| 6 Bedrooms | $2,585 |
| 7 Bedrooms | $2,792 |
| 8 Bedrooms | $2,932 |
The Fair Market Rent (FMR) for ZIP code 34460 in Florida for fiscal year 2024 is set at $1120. This figure represents the payment standard under the Section 8 housing choice voucher program, which means the government will pay up to this amount per month towards rent for eligible tenants. It's important to note that this does not represent the actual rent you should charge your tenant; it's the maximum subsidy amount.
While the local median rent is listed as N/A, the FMR serves as a guideline for setting your rent price. If your property's rent is below $1120, the tenant will likely pay the difference between your rent and the FMR. For example, if you set the rent at $900, the tenant would pay $220 ($1120 - $900).
The percentage of renters in the area is also noted as N/A%, indicating that without specific data, we cannot provide an exact figure on the proportion of residents who rent. However, this can still be a good indicator of demand. In areas where renting is common, there tends to be higher demand for rental properties, especially those participating in the Section 8 program.
Regarding the acquisition cost of properties in ZIP 34460, the average is listed as N/A. This means that without specific information, it's difficult to advise on the typical price range for purchasing a rental property in this area. However, it's crucial to ensure that the acquisition cost aligns with the potential income from the property, considering both the FMR and any additional rent paid by the tenant.
Before proceeding with your first Section 8 rental in ZIP 34460, verify that your property meets all the necessary requirements for the program, including health and safety standards. This is critical because failing to meet these criteria could result in penalties or disqualification from the program.
Data Sources: FMR data from HUD (2027).
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.