FMR is near market; voucher and private rents are aligned.
0.96
1 BR
1 BR
1.16ratio
FMR$1,710
Market$1,470
vs market+$240
FMR is above market; underwrite to market rent.
1.16
2 BR
2 BR
1.19ratio
FMR$1,910
Market$1,600
vs market+$310
FMR is above market; underwrite to market rent.
1.19
3 BR
3 BR
1.43ratio
FMR$2,620
Market$1,830
vs market+$790
FMR is above market; underwrite to market rent.
1.43
4 BR
4 BR
1.52ratio
FMR$3,190
Market$2,100
vs market+$1,090
FMR is above market; underwrite to market rent.
1.52
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
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ZIP 32540 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 32540 (Destin, FL) is $1,910 a month. That is up 6.7% from $1,790 in FY 2026. Destin is in the Crestview-Fort Walton Beach-Destin, 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 $1,908. Among 18 ZIP codes in Okaloosa County, 32540 is tied for the 6th-highest two-bedroom rent (county range $1,610–$2,530). The median county two-bedroom FMR in Florida is $1,474, so ZIP 32540 is 30% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 32540
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,370
$1,420
+3.6%
$1,278–$1,562
1BR
$1,590
$1,710
+7.5%
$1,539–$1,881
2BR
$1,790
$1,910
+6.7%
$1,719–$2,101
3BR
$2,460
$2,620
+6.5%
$2,358–$2,882
4BR
$2,990
$3,190
+6.7%
$2,871–$3,509
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 32540
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,420
$1,710
$1,910
$2,620
$3,190
FY 2026
$1,370
$1,590
$1,790
$2,460
$2,990
FY 2025
$1,220
$1,400
$1,570
$2,180
$2,640
FY 2024
$1,210
$1,320
$1,530
$2,070
$2,560
FY 2023
$1,050
$1,120
$1,310
$1,750
$2,230
Two-bedroom rent in nearby Okaloosa County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 32540?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,908, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,717 to $2,099 a month; under the ZIP-level Small Area FMR of $1,910 it would be $1,719 to $2,101. 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 32540 in?
ZIP 32540 is in the Crestview-Fort Walton Beach-Destin, FL HUD Metro FMR Area. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,908.
How much did fair market rent change in ZIP 32540 for FY 2027?
The two-bedroom FMR rose 6.7%, from $1,790 in FY 2026 to $1,910 in FY 2027. Since FY 2023 it has risen 45.8%.
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