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Okaloosa County/Destin/32541

32541

ZIPSAFMR
Okaloosa County, FL
Zillow

ZIP Investment Score

46Below average

095130300
BRFMR
Eff. Rent
0 BR$1,840$1,670
1 BR$2,210$1,700
2 BR$2,470$2,110
3 BR$3,390$2,510
4 BR$4,130$3,540
5 BR$4,750Not available
6 BR$5,462Not available
7 BR$6,281Not available
8 BR$7,223Not available

Purchase Price Calculator

Maximum purchase price
$251,629

Cost breakdown

+Likely effective rent$2,110
HUD FMR$2,470
Market rentUsed$2,110
Est. payment standard (91%)$2,240
-Principal and interest-$1,272
Loan amount$201,303
Down payment$50,326
Rate6.50%
Term30 years
-Operating costs-$638
Property taxes-$252
Insurance-$175
Utilities$0
HOA$0
Management-$211
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$33,760(67.1% ROI)
Projected value
$270,977
Return breakdown
Property appreciation+$19,348
Loan principal paid down+$7,212
Rental cash flow+$7,200
5-year hold
+$57,927(115.1% ROI)
Projected value
$284,695
Return breakdown
Property appreciation+$33,066
Loan principal paid down+$12,861
Rental cash flow+$12,000
10-year hold
+$125,123(248.6% ROI)
Projected value
$322,106
Return breakdown
Property appreciation+$70,477
Loan principal paid down+$30,646
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.10
1 BR
1.30
2 BR
1.17
3 BR
1.35
4 BR
1.17
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 32541 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 32541 (Destin, FL) is $2,470 a month. That is up 3.8% from $2,380 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, 32541 has the 2nd-highest two-bedroom rent (county range $1,610–$2,530). The median county two-bedroom FMR in Florida is $1,474, so ZIP 32541 is 68% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 32541
BedroomsFY 2027Change90–110% range
Studio$1,840+1.1%$1,656–$2,024
1BR$2,210+4.7%$1,989–$2,431
2BR$2,470+3.8%$2,223–$2,717
3BR$3,390+4.0%$3,051–$3,729
4BR$4,130+4.0%$3,717–$4,543

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 32541
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,840$2,210$2,470$3,390$4,130
FY 2026$1,820$2,110$2,380$3,260$3,970
FY 2025$1,660$1,900$2,140$2,970$3,590
FY 2024$1,670$1,820$2,100$2,840$3,520
FY 2023$1,440$1,530$1,790$2,390$3,050

Two-bedroom rent in nearby Okaloosa County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 32541
32531$1,610−34.8%
32536$1,760−28.7%
32539$1,660−32.8%
32540$1,910−22.7%
32541Current$2,470—
32542$2,530+2.4%
32544$2,450−0.8%
32547$1,850−25.1%
32548$1,910−22.7%
32549$1,910−22.7%
32564$1,610−34.8%
32567$1,610−34.8%

Questions about ZIP 32541 rents

How much will Section 8 pay for a two-bedroom in ZIP 32541?

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 $2,470 it would be $2,223 to $2,717. 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 32541 in?

ZIP 32541 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 32541 for FY 2027?

The two-bedroom FMR rose 3.8%, from $2,380 in FY 2026 to $2,470 in FY 2027. Since FY 2023 it has risen 38.0%.

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