Location: Ocala, FL | Metro: Ocala, FL MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,080 |
| 1 Bedroom | $1,090 |
| 2 Bedrooms | $1,260 |
| 3 Bedrooms | $1,660 |
| 4 Bedrooms | $1,740 |
| 5 Bedrooms | $2,018 |
| 6 Bedrooms | $2,260 |
| 7 Bedrooms | $2,441 |
| 8 Bedrooms | $2,563 |
U.S. Census Bureau data (2024)
Silver Springs, located in ZIP code 34488 of Marion County, Florida, stands out due to its relatively high number of renters at 27.4%. With a population of 11,447 residents, the median income in Silver Springs is $43,438, which is slightly below the national average. The median home value in the area is $210,452, indicating a moderate housing market.
The economics of Section 8 vouchers in Silver Springs are particularly noteworthy. The Fair Market Rent (FMR) for the zip code for fiscal year 2024 is set at $1,170. This amount is higher than the current market rent of $1,116, based on Census American Community Survey (ACS) data. This discrepancy suggests that landlords who participate in the Section 8 program can expect to receive slightly above-market rents, which can be beneficial in terms of cash flow stability and covering maintenance costs.
Given the data signature, Silver Springs appears to be a stable market. The modest increase in FMR over market rent indicates a balanced environment where the demand for affordable housing is met by the supply without significant fluctuations. Landlords and small-portfolio investors should find this stability attractive, as it minimizes the risk of sudden changes in rental dynamics.
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.