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Orange County/Orlando/32828

32828

ZIPSAFMR
Orange County, FL
Zillow

ZIP Investment Score

88Below average

095130300
BRFMR
Eff. Rent
0 BR$1,850$2,040
1 BR$1,930$2,090
2 BR$2,190$2,240
3 BR$2,730$2,380
4 BR$3,190$2,780
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
$270,947

Cost breakdown

+Likely effective rent$2,240
HUD FMR$2,190
Market rent$2,270
Est. payment standard (102%)Used$2,240
-Principal and interest-$1,370
Loan amount$216,757
Down payment$54,189
Rate6.50%
Term30 years
-Operating costs-$670
Property taxes-$271
Insurance-$175
Utilities$0
HOA$0
Management-$224
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$35,799(66.1% ROI)
Projected value
$291,780
Return breakdown
Property appreciation+$20,833
Loan principal paid down+$7,766
Rental cash flow+$7,200
5-year hold
+$61,453(113.4% ROI)
Projected value
$306,551
Return breakdown
Property appreciation+$35,605
Loan principal paid down+$13,849
Rental cash flow+$12,000
10-year hold
+$132,887(245.2% ROI)
Projected value
$346,835
Return breakdown
Property appreciation+$75,888
Loan principal paid down+$32,999
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
0.85
1 BR
0.89
2 BR
0.96
3 BR
1.15
4 BR
1.15
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 32828 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 32828 (Orlando, FL) is $2,190 a month. That is down 3.1% from $2,260 in FY 2026. Orlando is in the Orlando-Kissimmee-Sanford, FL MSA, where HUD requires housing authorities to set voucher payment standards by ZIP code using Small Area FMRs. Among 78 ZIP codes in Orange County, 32828 has the 16th-highest two-bedroom rent (county range $1,370–$2,690). The median county two-bedroom FMR in Florida is $1,474, so ZIP 32828 is 49% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 32828
BedroomsFY 2027Change90–110% range
Studio$1,850−2.1%$1,665–$2,035
1BR$1,930−2.5%$1,737–$2,123
2BR$2,190−3.1%$1,971–$2,409
3BR$2,730−3.9%$2,457–$3,003
4BR$3,190−4.8%$2,871–$3,509

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 32828
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,850$1,930$2,190$2,730$3,190
FY 2026$1,890$1,980$2,260$2,840$3,350
FY 2025$1,960$2,060$2,340$2,970$3,540
FY 2024$1,940$2,040$2,310$2,940$3,540
FY 2023$1,700$1,800$2,050$2,620$3,180

Two-bedroom rent in nearby Orange County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 32828
32821$2,130−2.7%
32822$1,970−10.0%
32824$2,120−3.2%
32825$2,070−5.5%
32826$1,760−19.6%
32827$2,590+18.3%
32828Current$2,190—
32829$2,240+2.3%
32830$2,270+3.7%
32831$2,160−1.4%
32832$2,600+18.7%
32833$1,690−22.8%

Questions about ZIP 32828 rents

How much will Section 8 pay for a two-bedroom in ZIP 32828?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $2,190, that basic range is $1,971 to $2,409 a month. 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 32828 in?

ZIP 32828 is in the Orlando-Kissimmee-Sanford, FL MSA. HUD requires Small Area FMRs in this area, so payment standards are set by ZIP code.

How much did fair market rent change in ZIP 32828 for FY 2027?

The two-bedroom FMR fell 3.1%, from $2,260 in FY 2026 to $2,190 in FY 2027. Since FY 2023 it has risen 6.8%.

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

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