32302

ZIPSAFMR

Leon County, FL

ZIP Investment Score

095130300

BR	FMR	Eff. Rent	3Y CAGR
0 BR	$1,210	$930	3.5%
1 BR	$1,290	$1,120	2.2%
2 BR	$1,450	$1,300	1.9%
3 BR	$1,770	$1,760	0.4%
4 BR	$1,910	$2,030	-0.7%
5 BR	$2,197	Not available	-0.7%
6 BR	$2,526	Not available	-0.7%
7 BR	$2,905	Not available	-0.7%
8 BR	$3,341	Not available	-0.7%

Purchase Price Calculator

Maximum purchase price

$131,263

Cost breakdown

+Likely effective rent$1,300

HUD FMR$1,450

Market rentUsed$1,300

Est. payment standard (93%)$1,350

-Principal and interest-$664

Loan amount$105,010

Down payment$26,253

Rate6.50%

Term30 years

-Operating costs-$436

Property taxes-$131

Insurance-$175

Utilities$0

HOA$0

Management-$130

=Target cash flow+$200

Calculation mode

BedroomsCash-flow target

Down payment methodDown payment %

HOA / mo

Utilities methodUtilities amount

Management methodManagement % of rent

Hold period projections

Annual appreciation rate

3-year hold

+$21,055(80.2% ROI)

Projected value

$141,356

Return breakdown

Property appreciation+$10,093

Loan principal paid down+$3,762

Rental cash flow+$7,200

5-year hold

+$35,958(137.0% ROI)

Projected value

$148,512

Return breakdown

Property appreciation+$17,249

Loan principal paid down+$6,709

Rental cash flow+$12,000

10-year hold

+$76,751(292.4% ROI)

Projected value

$168,028

Return breakdown

Property appreciation+$36,765

Loan principal paid down+$15,987

Rental cash flow+$24,000

Public Housing Authority

Rolodex

Market Alignment

Studio

1.30ratio

FMR$1,210

Market$930

vs market+$280

FMR is above market; underwrite to market rent.

1.30

1 BR

1.15ratio

FMR$1,290

Market$1,120

vs market+$170

FMR is above market; underwrite to market rent.

1.15

2 BR

1.12ratio

FMR$1,450

Market$1,300

vs market+$150

FMR is above market; underwrite to market rent.

1.12

3 BR

1.01ratio

FMR$1,770

Market$1,760

vs market+$10

FMR is near market; voucher and private rents are aligned.

1.01

4 BR

0.91ratio

FMR$1,910

Market$2,100

vs market-$190

FMR is near market; voucher and private rents are aligned.

0.91

0.700.800.901.001.101.201.30aligned range

Historical

FY 2023-2027

FMR: FY2027
Market rent: last ~365 days
Property value: --
Tax rate: --
Mortgage rate: --

ZIP 32302 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 32302 (Tallahassee, FL) is $1,450 a month. That is up 5.1% from $1,380 in FY 2026. Tallahassee is in the Tallahassee, FL HUD Metro FMR Area. HUD also publishes the ZIP-level Small Area FMRs shown here, but unless the local housing authority has adopted them, vouchers are based on the metro-wide two-bedroom FMR of $1,424. Among 22 ZIP codes in Leon County, 32302 is tied for the 8th-highest two-bedroom rent (county range $1,220–$1,790). The median county two-bedroom FMR in Florida is $1,474, so ZIP 32302 is 2% below it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 32302
Bedrooms	FY 2026	FY 2027	Change	90–110% range
Studio	$1,120	$1,210	+8.0%	$1,089–$1,331
1BR	$1,230	$1,290	+4.9%	$1,161–$1,419
2BR	$1,380	$1,450	+5.1%	$1,305–$1,595
3BR	$1,710	$1,770	+3.5%	$1,593–$1,947
4BR	$1,830	$1,910	+4.4%	$1,719–$2,101

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 32302
Fiscal year	Studio	1BR	2BR	3BR	4BR
FY 2027	$1,210	$1,290	$1,450	$1,770	$1,910
FY 2026	$1,120	$1,230	$1,380	$1,710	$1,830
FY 2025	$1,090	$1,210	$1,350	$1,700	$1,870
FY 2024	$1,090	$1,210	$1,370	$1,750	$1,950
FY 2023	$920	$1,040	$1,200	$1,550	$1,710

Two-bedroom rent in nearby Leon County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code	2 bedroom	vs. 32302
32301	$1,500	+3.4%
32302Current	$1,450	—
32303	$1,530	+5.5%
32304	$1,410	−2.8%
32305	$1,220	−15.9%
32306	$1,430	−1.4%
32307	$1,400	−3.4%
32308	$1,520	+4.8%
32309	$1,580	+9.0%
32310	$1,220	−15.9%
32311	$1,790	+23.4%
32312	$1,760	+21.4%

Questions about ZIP 32302 rents

How much will Section 8 pay for a two-bedroom in ZIP 32302?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,424, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,282 to $1,566 a month; under the ZIP-level Small Area FMR of $1,450 it would be $1,305 to $1,595. The voucher pays the lower of the payment standard or the gross rent, minus the tenant's share, which is usually about 30% of adjusted monthly income. Confirm the local housing authority's current schedule before underwriting.

Which HUD fair market rent area is ZIP 32302 in?

ZIP 32302 is in the Tallahassee, FL HUD Metro FMR Area. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,424.

How much did fair market rent change in ZIP 32302 for FY 2027?

The two-bedroom FMR rose 5.1%, from $1,380 in FY 2026 to $1,450 in FY 2027. Since FY 2023 it has risen 20.8%.

When do FY 2027 fair market rents take effect?

HUD's FY 2027 fair market rents took effect on October 1, 2026. When FMRs change, housing authorities generally have up to three months to bring payment standards back within 90% to 110% of the new FMR.

Source: HUD FY 2027 Small Area Fair Market Rents and area FMRs. Payment-standard ranges are 90% to 110% of FMR, HUD's basic range, not a housing authority's published schedule. How payment standards are set

County fair market rent Tallahassee, FL fair market rent FL statewide rents What is SAFMR?Data sources