Section 8 Fair Market Rent (FMR) for ZIP 34788 - 2027

Location: Orlando-Kissimmee-Sanford, FL | Metro: Orlando-Kissimmee-Sanford, FL MSA

Investment Score for ZIP 34788

Monthly Rent (2BR)

$1,660

Median Price (2BR)

$186,905

1% Rule

0.89%

Annual Yield

10.66%

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	$1,410
1 Bedroom	$1,460
2 Bedrooms	$1,660
3 Bedrooms	$2,070
4 Bedrooms	$2,420
5 Bedrooms	$2,807
6 Bedrooms	$3,144
7 Bedrooms	$3,396
8 Bedrooms	$3,566

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	$1,660	$186,905	0.89%	C
3BR	$2,070	$303,207	0.68%	D
4BR	$2,420	$366,522	0.66%	D
5BR	$2,807	$417,902	0.67%	D

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

22,137

Median Household Income

$54,147

Housing Units

11,190

Renter Percentage

16.2%

Occupancy Rate

85.1%

Renter Occupied

1,547

To determine if you should buy in ZIP code 34788 (Leesburg, FL) for Section 8 investments, follow these steps:

Does the Fair Market Rent (FMR) of $1,640 cover the debt service on a $280,290 property?
- Yes: If your debt service is less than $1,640 per month, then the FMR does cover it, making the investment viable.
- No: If your debt service exceeds $1,640 per month, then the FMR does not cover it, making the investment unprofitable.
Is the market rent of $2,131 (ZORI) above, at, or below the FMR?
- Above: The ZORI of $2,131 is higher than the FMR of $1,640, indicating that the market rent can provide additional income beyond what is covered by Section 8.
- At: This scenario is unlikely given the provided data, but if the ZORI were close to $1,640, it would mean market rents align closely with the FMR.
- Below: Not applicable here as the ZORI is clearly above the FMR.
Are 16.2% of residents renters and with a 38-day Days on Market (DOM), enough demand present?
- It depends: With 16.2% of the population renting and an average DOM of 38 days, there is moderate demand. However, you must consider other factors such as vacancy rates, tenant turnover, and the number of available Section 8 vouchers.

If the FMR covers your debt service and the ZORI is significantly higher, then Leesburg presents a good opportunity for Section 8 investments. However, ensure that the rental market is robust enough to sustain this investment. The presence of 16.2% renters suggests a manageable demand, but the key will be ensuring that there are enough Section 8 vouchers available to fill units without extended vacancies.

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.