Location: Okeechobee County, FL | Metro: Port St. Lucie, FL MSA
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,310 |
| 1 Bedroom | $1,330 |
| 2 Bedrooms | $1,590 |
| 3 Bedrooms | $2,180 |
| 4 Bedrooms | $2,330 |
| 5 Bedrooms | $2,703 |
| 6 Bedrooms | $3,027 |
| 7 Bedrooms | $3,269 |
| 8 Bedrooms | $3,432 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,330 | $122,966 | 1.08% | B |
| 2BR | $1,590 | $208,500 | 0.76% | D |
| 3BR | $2,180 | $311,234 | 0.7% | D |
| 4BR | $2,330 | $399,756 | 0.58% | F |
U.S. Census Bureau data (2024)
The ZIP code 34974, located in Okeechobee, Florida, presents a dynamic housing market with clear indicators of both supply and demand forces at play. The Fair Market Rent (FMR) for the area, set at $1320 for fiscal year 2024, is slightly below the actual market rent, which stands at $1,475 according to ZORI. This suggests that the rental market is somewhat competitive, with landlords setting rents above the FMR to attract tenants.
A key metric in assessing the balance between supply and demand is the price-cut share, which currently sits at 0.2%. This low figure implies that properties are generally selling close to their original asking prices, indicating strong demand relative to supply. Additionally, the Days on Market (DOM) average of 89 days further supports this notion, as it suggests that homes are moving relatively quickly once they hit the market, without lingering for extended periods.
The median home value of $276,978 provides insight into the affordability and desirability of homeownership in the area. Given that the rental market is also robust, with a high percentage of renters at 18.3%, this points to significant long-term housing pressure. The substantial renter share can be interpreted as a sign that many residents find it challenging to transition into homeownership due to various factors, including financial constraints or preference for renting.
In summary, the dynamics of ZIP 34974 suggest a market where demand is robust, particularly in the rental sector. The low price-cut share and quick sales times indicate that homeownership is also sought after, yet the high proportion of renters signals underlying housing pressures that are likely to persist. Landlords and small-portfolio investors should take note of these trends, as they reflect a balanced but active market with opportunities for those who understand its nuances.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.