32306

ZIPSAFMR

Leon County, FL

ZIP Investment Score

095130300

BR	FMR	Eff. Rent	3Y CAGR
0 BR	$1,180	$970	2.7%
1 BR	$1,260	$970	1.4%
2 BR	$1,430	$1,240	1.4%
3 BR	$1,750	$1,800	0.0%
4 BR	$1,870	$2,060	-1.4%
5 BR	$2,151	Not available	-1.4%
6 BR	$2,473	Not available	-1.4%
7 BR	$2,844	Not available	-1.4%
8 BR	$3,271	Not available	-1.4%

Purchase Price Calculator

Maximum purchase price

$122,347

Cost breakdown

+Likely effective rent$1,240

HUD FMR$1,430

Market rentUsed$1,240

Est. payment standard (91%)$1,310

-Principal and interest-$619

Loan amount$97,878

Down payment$24,469

Rate6.50%

Term30 years

-Operating costs-$421

Property taxes-$122

Insurance-$175

Utilities$0

HOA$0

Management-$124

=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

+$20,114(82.2% ROI)

Projected value

$131,754

Return breakdown

Property appreciation+$9,407

Loan principal paid down+$3,507

Rental cash flow+$7,200

5-year hold

+$34,331(140.3% ROI)

Projected value

$138,424

Return breakdown

Property appreciation+$16,077

Loan principal paid down+$6,253

Rental cash flow+$12,000

10-year hold

+$73,168(299.0% ROI)

Projected value

$156,615

Return breakdown

Property appreciation+$34,268

Loan principal paid down+$14,901

Rental cash flow+$24,000

Public Housing Authority

Rolodex

Market Alignment

Studio

1.22ratio

FMR$1,180

Market$970

vs market+$210

FMR is above market; underwrite to market rent.

1.22

1 BR

1.30ratio

FMR$1,260

Market$970

vs market+$290

FMR is above market; underwrite to market rent.

1.30

2 BR

1.15ratio

FMR$1,430

Market$1,240

vs market+$190

FMR is above market; underwrite to market rent.

1.15

3 BR

0.96ratio

FMR$1,750

Market$1,820

vs market-$70

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

0.96

4 BR

0.70ratio

FMR$1,870

Market$2,680

vs market-$810

FMR is below market; voucher rent may lag private rents.

0.70

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 32306 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 32306 (Tallahassee, FL) is $1,430 a month. That is up 4.4% from $1,370 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, 32306 has the 16th-highest two-bedroom rent (county range $1,220–$1,790). The median county two-bedroom FMR in Florida is $1,474, so ZIP 32306 is 3% below it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 32306
Bedrooms	FY 2026	FY 2027	Change	90–110% range
Studio	$1,110	$1,180	+6.3%	$1,062–$1,298
1BR	$1,220	$1,260	+3.3%	$1,134–$1,386
2BR	$1,370	$1,430	+4.4%	$1,287–$1,573
3BR	$1,700	$1,750	+2.9%	$1,575–$1,925
4BR	$1,820	$1,870	+2.7%	$1,683–$2,057

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 32306
Fiscal year	Studio	1BR	2BR	3BR	4BR
FY 2027	$1,180	$1,260	$1,430	$1,750	$1,870
FY 2026	$1,110	$1,220	$1,370	$1,700	$1,820
FY 2025	$1,060	$1,180	$1,320	$1,670	$1,840
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. 32306
32301	$1,500	+4.9%
32302	$1,450	+1.4%
32303	$1,530	+7.0%
32304	$1,410	−1.4%
32305	$1,220	−14.7%
32306Current	$1,430	—
32307	$1,400	−2.1%
32308	$1,520	+6.3%
32309	$1,580	+10.5%
32310	$1,220	−14.7%
32311	$1,790	+25.2%
32312	$1,760	+23.1%

Questions about ZIP 32306 rents

How much will Section 8 pay for a two-bedroom in ZIP 32306?

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 $1,430 it would be $1,287 to $1,573. 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 32306 in?

ZIP 32306 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 32306 for FY 2027?

The two-bedroom FMR rose 4.4%, from $1,370 in FY 2026 to $1,430 in FY 2027. Since FY 2023 it has risen 19.2%.

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