Section 8 Fair Market Rent (FMR) for ZIP 34972 - 2027
Location: Okeechobee County, FL | Metro: Orlando-Kissimmee-Sanford, FL MSA
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $1,150 |
| 1 Bedroom | $1,210 |
| 2 Bedrooms | $1,370 |
| 3 Bedrooms | $1,730 |
| 4 Bedrooms | $2,090 |
| 5 Bedrooms | $2,424 |
| 6 Bedrooms | $2,715 |
| 7 Bedrooms | $2,932 |
| 8 Bedrooms | $3,079 |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$61,040
Housing Authorities Serving ZIP 34972
To determine if you should buy in ZIP code 34972 (Okeechobee, FL) for Section 8 investment, follow this decision tree:
- Does FMR $1460 (zip FY 2024) clear debt service on a $308,072 property?
- Yes: The Fair Market Rent (FMR) of $1460 for FY 2024 is sufficient to cover the debt service on a property valued at $308,072. This means that the rental income can support the mortgage payments and other expenses related to owning the property.
- No: The FMR of $1460 does not clear the debt service on a property priced at $308,072. In this case, it would be challenging to break even on your investment without additional income sources or cost reductions.
- Is market rent $1,063 (Census ACS) above, at, or below FMR?
- Above: If the market rent of $1,063 exceeds the FMR, there is potential to earn higher rents from non-Section 8 tenants, making the investment more attractive.
- At: If the market rent matches the FMR, then Section 8 rents will align with the market rate, providing a stable but not necessarily premium income stream.
- Below: If the market rent is below the FMR, Section 8 properties may offer higher returns compared to the local market average, but they might also face challenges in attracting non-subsidized tenants.
- Are 37.2% renters + N/A-day DOM enough demand?
- Yes: With 37.2% of residents being renters, there is a substantial tenant pool. However, the lack of data on days on market (DOM) makes it difficult to assess how quickly units can be filled. If you can secure a steady flow of Section 8 tenants, this percentage suggests sufficient demand.
- No: If the percentage of renters is insufficient to fill available units, or if DOM data indicates long vacancy periods, then demand may not be strong enough to support a Section 8 investment.
- It Depends: The 37.2% renter rate could be adequate, but without knowing the DOM, it's unclear how competitive the rental market is. Additionally, consider the specific demand for Section 8 housing in Okeechobee, which may differ from the overall rental market.
The decision to invest in ZIP 34972 hinges on whether the FMR can cover your debt service, the relationship between FMR and market rent, and the strength of rental demand. Use these factors to make an informed decision based on the specifics of your investment goals and financial situation.
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.