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 |
1120 is the Fair Market Rent (FMR) for ZIP code 34487 as of fiscal year 2024. This figure represents the maximum amount landlords can charge tenants participating in the Section 8 program. Despite the N/A placeholder for the market rent, it's clear that the rental market in this area is closely tied to the FMR set by HUD. With a N/A median home value, it suggests that the housing market in 34487 is primarily rental-focused rather than homeownership-driven. The N/A% renter share indicates a significant portion of residents are likely renters, though without a specific percentage, we cannot quantify this trend. Similarly, the median income being listed as N/A means there's limited data on the financial status of local residents, which could impact their ability to afford higher rents outside the Section 8 parameters. The N/A-day DOM, or days on market, highlights a lack of comprehensive data on how quickly properties are typically rented out in this area. However, the N/A% price-cut share suggests that landlords in 34487 rarely need to reduce their asking prices to attract tenants, indicating a robust demand for rentals at or near the FMR. Given the constraints of the available data, it's evident that the rental market in 34487 is stable and aligned with the Section 8 guidelines, making it a suitable area for landlords and small-portfolio investors who wish to participate in the program. The FMR of $1120 provides a solid benchmark for setting rental prices that comply with Section 8 requirements while ensuring profitability.
Section 8 Verdict: 34487 is a viable market for Section 8 participation, with the $1120 FMR offering a clear guideline for pricing and investment.
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.