Skip to main content
Loading page
Okaloosa County/Fort Walton Beach/32548

32548

ZIPSAFMR
Okaloosa County, FL
Zillow

ZIP Investment Score

82Below average

095130300
BRFMR
Eff. Rent
0 BR$1,420$1,220
1 BR$1,710$1,300
2 BR$1,910$1,590
3 BR$2,620$2,000
4 BR$3,190$2,540
5 BR$3,668Not available
6 BR$4,219Not available
7 BR$4,852Not available
8 BR$5,579Not available

Purchase Price Calculator

Maximum purchase price
$174,357

Cost breakdown

+Likely effective rent$1,590
HUD FMR$1,910
Market rentUsed$1,590
Est. payment standard (90%)$1,720
-Principal and interest-$882
Loan amount$139,485
Down payment$34,871
Rate6.50%
Term30 years
-Operating costs-$508
Property taxes-$174
Insurance-$175
Utilities$0
HOA$0
Management-$159
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$25,604(73.4% ROI)
Projected value
$187,763
Return breakdown
Property appreciation+$13,406
Loan principal paid down+$4,997
Rental cash flow+$7,200
5-year hold
+$43,824(125.7% ROI)
Projected value
$197,269
Return breakdown
Property appreciation+$22,912
Loan principal paid down+$8,912
Rental cash flow+$12,000
10-year hold
+$94,070(269.8% ROI)
Projected value
$223,192
Return breakdown
Property appreciation+$48,835
Loan principal paid down+$21,235
Rental cash flow+$24,000

Public Housing Authority

Loading Public Housing Authority

Rolodex

Loading Rolodex

Market Alignment

Studio
1.16
1 BR
1.32
2 BR
1.20
3 BR
1.31
4 BR
1.26
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 32548 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 32548 (Fort Walton Beach, FL) is $1,910 a month. That is up 7.3% from $1,780 in FY 2026. Fort Walton Beach 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, 32548 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 32548 is 30% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 32548
BedroomsFY 2027Change90–110% range
Studio$1,420+4.4%$1,278–$1,562
1BR$1,710+8.2%$1,539–$1,881
2BR$1,910+7.3%$1,719–$2,101
3BR$2,620+7.4%$2,358–$2,882
4BR$3,190+7.4%$2,871–$3,509

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 32548
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,420$1,710$1,910$2,620$3,190
FY 2026$1,360$1,580$1,780$2,440$2,970
FY 2025$1,240$1,420$1,600$2,220$2,690
FY 2024$1,220$1,330$1,540$2,080$2,580
FY 2023$1,120$1,190$1,390$1,850$2,370

Two-bedroom rent in nearby Okaloosa County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 32548
32531$1,610−15.7%
32536$1,760−7.9%
32539$1,660−13.1%
32540$1,9100.0%
32541$2,470+29.3%
32542$2,530+32.5%
32544$2,450+28.3%
32547$1,850−3.1%
32548Current$1,910—
32549$1,9100.0%
32564$1,610−15.7%
32567$1,610−15.7%

Questions about ZIP 32548 rents

How much will Section 8 pay for a two-bedroom in ZIP 32548?

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 32548 in?

ZIP 32548 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 32548 for FY 2027?

The two-bedroom FMR rose 7.3%, from $1,780 in FY 2026 to $1,910 in FY 2027. Since FY 2023 it has risen 37.4%.

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 rentFort Walton Beach, FL fair market rentFL statewide rentsWhat is SAFMR?Data sources