32531 Baker, FL Fair Market Rent

What rent in ZIP 32531 actually means

HUD does not publish Fair Market Rents at the ZIP code level, it publishes them per FMR area, which is either a metropolitan statistical area or a non-metro county. ZIP 32531 (Baker, FL) sits inside Okaloosa, so HUD's FY 2026 FMR for this ZIP is the county FMR: $1,581 for a 1-bedroom, with a studio at $1,362, 2-bedroom at $1,785, 3-bedroom at $2,448, and 4-bedroom at $2,979. These figures represent the 40th percentile of gross rents (including utilities except telephone), meaning roughly 60% of standard-quality units in the FMR area rent for more. Section 8 Housing Choice Voucher payment standards are set between 90% and 110% of this FMR.

Because HUD uses county-level FMR, every ZIP inside Okaloosa shares the same baseline, a wealthy ZIP and a lower-cost ZIP in the same county will both show identical HUD figures even when street-level market rents differ substantially. Some metro areas participate in HUD's Small Area FMR program, which replaces a single metro FMR with ZIP-specific FMRs to give voucher holders access to higher-opportunity neighborhoods; if ZIP 32531 falls inside a SAFMR metro, its effective payment standard may differ. Against the national benchmark the 1-bedroom FMR here is 65% above the US average of $959, and 22% above the FL state average of $1,296. Year-over-year, the 1-bedroom moved up13.1% from FY 2025 ($1,398) to FY 2026.

For budgeting, the 30% affordability rule says rent should not exceed 30% of gross household income. At the FY 2026 1-bedroom FMR of $1,581, that implies a household income of $63,240 per year (about $5,270/month) to avoid being cost-burdened, a 2-bedroom at $1,785 lifts that threshold higher still. ZIP 32531 has a population of 5,296 residents, so the gap between these FMR figures and local wages shapes how many households qualify as rent-burdened (paying more than 30% of income) or severely burdened (above 50%). For renters comparing ZIP codes inside Okaloosa, FMR will be identical, the real variation comes from school quality, commute, and private-market premiums not captured in HUD data.