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Holmes County/Defuniak Springs/32433

32433

ZIPSAFMR
Holmes County, FL
Zillow

ZIP Investment Score

129Above average

095130300
BRFMR
Eff. Rent
0 BR$1,230$1,230
1 BR$1,430$1,430
2 BR$1,610$1,610
3 BR$2,210$2,210
4 BR$2,690$2,690
5 BR$3,093Not available
6 BR$3,558Not available
7 BR$4,091Not available
8 BR$4,705Not available

Purchase Price Calculator

Maximum purchase price
$177,329

Cost breakdown

+Likely effective rent$1,610
HUD FMRUsed$1,610
Market rentN/A
Est. payment standardN/A
-Principal and interest-$897
Loan amount$141,863
Down payment$35,466
Rate6.50%
Term30 years
-Operating costs-$513
Property taxes-$177
Insurance-$175
Utilities$0
HOA$0
Management-$161
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$25,918(73.1% ROI)
Projected value
$190,964
Return breakdown
Property appreciation+$13,635
Loan principal paid down+$5,083
Rental cash flow+$7,200
5-year hold
+$44,366(125.1% ROI)
Projected value
$200,631
Return breakdown
Property appreciation+$23,302
Loan principal paid down+$9,064
Rental cash flow+$12,000
10-year hold
+$95,264(268.6% ROI)
Projected value
$226,996
Return breakdown
Property appreciation+$49,667
Loan principal paid down+$21,597
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Not enough rental comps in this area to determine how FMR aligns with current market rates.

Historical
FY 2023-2027
FMR
FY2027
Property value
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Tax rate
--
Mortgage rate
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ZIP 32433 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 32433 (Defuniak Springs, FL) is $1,610 a month. That is up 13.4% from $1,420 in FY 2026. Defuniak Springs is in the Holmes County, FL non-metropolitan 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 county-wide two-bedroom FMR of $971. Among 5 ZIP codes in Holmes County, 32433 has the highest two-bedroom rent (county range $980–$1,610). The median county two-bedroom FMR in Florida is $1,474, so ZIP 32433 is 9% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 32433
BedroomsFY 2027Change90–110% range
Studio$1,230+11.8%$1,107–$1,353
1BR$1,430+13.5%$1,287–$1,573
2BR$1,610+13.4%$1,449–$1,771
3BR$2,210+12.2%$1,989–$2,431
4BR$2,690+13.0%$2,421–$2,959

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 32433
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,230$1,430$1,610$2,210$2,690
FY 2026$1,100$1,260$1,420$1,970$2,380
FY 2025$1,090$1,190$1,380$1,860$2,310
FY 2024$810$910$1,030$1,350$1,570
FY 2023$720$810$920$1,200$1,410

Two-bedroom rent in nearby Holmes County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 32433
32425$1,000−37.9%
32433Current$1,610—
32440$980−39.1%
32455$1,230−23.6%
32464$1,230−23.6%

Questions about ZIP 32433 rents

How much will Section 8 pay for a two-bedroom in ZIP 32433?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the county-wide two-bedroom FMR of $971, which applies unless the housing authority uses Small Area FMRs, that basic range is $874 to $1,068 a month; under the ZIP-level Small Area FMR of $1,610 it would be $1,449 to $1,771. 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 32433 in?

ZIP 32433 is in the Holmes County, FL non-metropolitan FMR area. Small Area FMRs are optional here; the county-wide two-bedroom FMR is $971.

How much did fair market rent change in ZIP 32433 for FY 2027?

The two-bedroom FMR rose 13.4%, from $1,420 in FY 2026 to $1,610 in FY 2027. Since FY 2023 it has risen 75.0%.

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 rentDefuniak Springs, FL fair market rentFL statewide rentsWhat is SAFMR?Data sources