Section 8 Fair Market Rent (FMR) for ZIP 34761 - 2027

Investment Score for ZIP 34761

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,810
1 Bedroom	$1,890
2 Bedrooms	$2,140
3 Bedrooms	$2,670
4 Bedrooms	$3,120
5 Bedrooms	$3,619
6 Bedrooms	$4,053
7 Bedrooms	$4,377
8 Bedrooms	$4,596

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$2,140	$226,670	0.94%	C
3BR	$2,670	$349,557	0.76%	D
4BR	$3,120	$473,857	0.66%	D
5BR	$3,619	$584,217	0.62%	D

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 34761 (Ocoee, FL) #### Section 8 Voucher Dynamics The Fair Market Rent (FMR) figures for ZIP code 34761, as of 2026, are set at $1790 for 0BR units, $1880 for 1BR units, $2140 for 2BR units, $2690 for 3BR units, and $3170 for 4BR units. However, these figures need to be compared against actual rental prices to understand how they affect voucher holders. According to the Zillow median price for a 2BR unit in Ocoee, which is $226,101, the price-to-FMR ratio is approximately 8.8x. This means that the median home value is significantly higher than the FMR, indicating that rental prices could also be higher than the FMR. If actual rental prices are close to the Zillow median, then voucher holders would face significant constraints in finding affordable housing. For instance, a voucher holder looking for a 2BR unit would have a budget of $2140 per month, but if the average rent is closer to the Zillow median, they would struggle to find suitable housing. The FMR for a 2BR unit represents only about 26.6% of the median household income in Ocoee, suggesting that even without vouchers, many residents might find it challenging to afford housing. #### Affordability & Renter Profile The population of Ocoee is 47,327, with 27.9% being renters. This indicates a substantial number of residents who rely on rental housing, approximately 13,168 individuals. Given the occupancy rate of 96.1%, it suggests that the rental market is relatively tight, with few vacant units available. The median household income in Ocoee is $96,415, which places the area in a higher-income bracket. However, the FMR for a 2BR unit is only 26.6% of this income, implying that the majority of residents can afford to pay more than the FMR. This tight market dynamic makes it difficult for lower-income renters to find affordable housing, especially those relying on Section 8 vouchers. #### Investor Angle From an investor’s perspective, the ZIP code 34761 presents both opportunities and challenges. The FMRs provide a baseline for rental pricing, but the actual market conditions suggest that rents could be much higher. For example, if the average rent for a 2BR unit is around $226,101 annually, this translates to roughly $18,842 per month, which is far above the FMR of $2140. To determine if the ZIP code is cash-flow positive at FMR, we need to consider the potential rental income versus the cost of acquiring and maintaining properties. If an investor buys a property at the Zillow median price of $226,101 and rents it out at the FMR, they would likely face negative cash flow due to the high acquisition costs and ongoing expenses such as maintenance, property taxes, and insurance. However, there is a possibility of positive cash flow if the investor can secure a property below the median price or if they can charge slightly above the FMR while still remaining competitive in the market. Given the high price-to-FMR ratio, the investment grade for this ZIP code is moderate to low, as the risk of negative cash flow is considerable. #### Specific Actionable Insights 1. **Focus on Below-Median Properties**: Investors should look for properties priced below the Zillow median of $226,101. For example, a 2BR unit priced at $180,000 would allow for a higher rental rate while still providing positive cash flow. This strategy would help mitigate the risk associated with the high price-to-FMR ratio. 2. **Consider Multi-Family Units**: Given the higher FMRs for larger units, multi-family properties might offer better returns. A 3BR or 4BR unit rented at $2690 or $3170 respectively would generate more income compared to single-family homes. Additionally, multi-family units often have economies of scale in terms of maintenance and management. 3. **Explore Alternative Rental Programs**: Since the FMR is significantly lower than the actual market rates, investors might want to explore alternative rental assistance programs that offer higher subsidies. This could include state-specific programs or other federal assistance that might bridge the gap between FMR and actual rental prices. #### Bottom Line For Section 8-focused investors, the ZIP code 34761 presents a challenging environment. The high price-to-FMR ratio and the tight rental market make it difficult to achieve positive cash flow while adhering strictly to FMR guidelines. Therefore, the recommendation is to **Skip** this ZIP code unless you can secure properties well below the median price or find alternative rental assistance programs that offer higher subsidies. In summary, the dynamics of the rental market in Ocoee, combined with the high acquisition costs, present a less favorable scenario for investors seeking to leverage Section 8 vouchers.

Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.