Section 8 Fair Market Rent (FMR) for ZIP 34489 - 2027

FY 2027 Fair Market Rent Rates

The economics of Section 8 housing in ZIP code 34489, located in Ocala County, Florida, involve understanding the SAFMR (Small Area Fair Market Rent) which is specifically set for this ZIP code. For a two-bedroom apartment in FY 2024, the SAFMR is $1270. This figure represents the maximum amount that the Housing Choice Voucher program will pay towards the rent of a unit in this area.

A voucher payment consists of two parts: the tenant's contribution and the voucher reimbursement to the landlord. The tenant is required to pay 30% of their adjusted income towards the rent. If we assume an average adjusted income for a tenant in this area, they might pay around $381, based on the SAFMR. This amount can vary depending on the actual income of the tenant. Once the tenant portion is determined, the remaining balance is covered by the voucher program up to the SAFMR limit.

In addition to the base rent, there are utility allowances that can affect the total reimbursement. These allowances vary but generally cover costs such as electricity, water, and gas. For ZIP 34489, the utility allowance is not specified, so it must be calculated based on the local averages. Typically, the utility allowance can range from $150 to $250 per month, adding to the total reimbursement amount.

To illustrate, if a tenant's contribution is $381 and the utility allowance is $200, the total reimbursement would be $581 plus the voucher program's contribution, which would be $689 to reach the $1270 SAFMR. Therefore, the landlord receives a total of $1270 per month for a two-bedroom unit under these conditions.

However, the local market rent for a two-bedroom apartment in ZIP 34489 is currently not available. Without this data, it's impossible to calculate the exact surplus or shortfall that landlords might experience when renting to tenants using Section 8 vouchers. Landlords should monitor local rental listings and compare them to the SAFMR to determine the potential financial impact on their property.

In summary, landlords in ZIP 34489 can expect a fixed reimbursement rate of $1270 for a two-bedroom apartment from the Section 8 program, with adjustments made for the tenant's contribution and utility allowances. The actual financial outcome—whether it's a surplus or a shortfall—depends on the local market rent, which needs to be assessed separately.

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.