ZIP Code · FL

ZIP 32534

Part of Pensacola, FL

Pop. 17,104·Escambia County·549th most expensive ZIP in Florida

Median rent (all units)

$1,664/mo

Year-over-Year

+2.7%

Month-over-Month

Stable

vs US Median

-$268

Reported rents

Stable (Monthly)

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Most AffordableMost Expensive

ZIP 32534 · $1,664

More affordable than 61% of US ZIP codes · National median $1,932/mo

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Compare your rent to the local median.

Medians by bedroom

Rent by unit size

Studio

$1,140

1 BR

$1,290

2 BR

$1,510

3 BR

$2,000

4 BR+

$2,440

Research median

$1,510/mo

Bedroom estimates are gross rents that include essential utilities (electricity, water, gas, sewer, trash).

Rent trends

12-month history

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Last updated: October 17, 2026

From the history

What the numbers show

Cheapest month to sign

February. Asking rents in ZIP 32534 usually run 1.7% below trend in February and 1.3% above it in June, about $50 a month apart at today's median. Based on 5 years of data.

Compared with the peak

Rent in ZIP 32534 is 0.5% below its high of $1,672 in May 2026, at $1,664 as of September 2026.

Past year vs. the rest of Florida

Rent in ZIP 32534 changed +2.7% over the year to September 2026. Across the 623 Florida ZIP codes Zillow tracks, the typical change was +1.8%.

What a typical income covers

30% of the median household income ($58,992) is $1,475 a month. That covers HUD's Fair Market Rent for up to a 1-bedroom ($1,290); a 2-bedroom is $1,510.

Rank in Pensacola

6th cheapest of 10 ZIP codes in Pensacola.

Cheaper nearby

ZIP 32514, 4 miles away, rents for 10% less ($1,497/mo), about $2,000 a year in savings.

From Zillow's monthly rent index (ZORI) for ZIP 32534. The seasonal pattern compares Zillow’s seasonally adjusted and unadjusted series. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$19,968/yr

At $1,664/mo median

Location

CityPensacola

StateFL

CountyEscambia County

Rent Market Meter

Landlord's Market

Renter's MarketBalancedLandlord's Market

Rents are climbing (2.7% YoY), so leverage tilts toward landlords. Act sooner rather than later.

Based on rent-price momentum (+2.7% YoY, +0.0% MoM), not inventory.

Demographics

Who lives here

ZIP 32534 (Pensacola, FL) is majority owner-occupied, has a median income below the national average, 19.7% of residents hold a bachelor's degree or higher.

Population

17,104

Median income

$58,992

Median age

Renters

44.8%

Age distribution

22.8%

23.8%

22.7%

14.1%

16.5%

Under 1822.8%

18–3423.8%

35–5422.7%

55–6414.1%

65+16.5%

Gender

47.8%

52.2%

Male47.8%

Female52.2%

Race & ethnicity

54.5%

31.7%

White54.5%

Black31.7%

Hispanic5.3%

Asian3.5%

Other5%

Education (25+)

31.6%

39.7%

19.7%

No HS diploma9%

HS diploma31.6%

Some college39.7%

Bachelor's+19.7%

Housing tenure

55.2%

44.8%

Owner55.2%

Renter44.8%

Source: U.S. Census Bureau · ACS 2024 5-Year Estimates

2022 vs 2026

How ZIP 32534 in Pensacola, FL has changed in 5 years

Rent

$1,534 → $1,664

up 8.5%

Income

$53,828 → $58,992

up 9.6%

Population

15,931 → 17,104

up 7.4%

Renter share

37.7% → 44.8%

+7.1 pts

Bachelor's+

21.4% → 19.7%

-1.7 pts

Median age

39.4 → 37

-2.4 yrs

Rent in ZIP 32534 in Pensacola, FL has climbed 8.5% since 2022, going from about $1,534 per month to roughly $1,664 today. Median household income grew from $53,828 to $58,992 between 2021 and 2024, a 9.6% shift. Headcount in the area went from 15,931 to 17,104 between 2021 and 2024, a 7.4% change. About 44.8% of households rent today, against 37.7% in 2021. Taken together, the five-year picture in ZIP 32534 in Pensacola, FL reflects how housing costs and the people paying them have evolved through a stretch that included a pandemic, a hot rental market, and a recent cooling phase.

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About renting in ZIP 32534

Last updated: October 17, 2026

ZIP code 32534 covers Pensacola, FL. The median rent here is $1,664/mo as of October 2026. A 1-bedroom rents for a median of $1,290/mo. A 2-bedroom rents for a median of $1,510/mo.

At 34% of local median household income ($58,992/yr), ZIP 32534 ranks as moderate compared to the national benchmark of 30%. Rents have increased 2.7% over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 32534?

To keep rent at or below 30% of gross income, you would need to earn at least $67,000/year (about $32/hour full-time) to afford the median rent of $1,664/mo in ZIP 32534. The local median household income is $58,992/yr, so the typical household falls short of that bar.

Is rent going up or down in ZIP 32534?

Rent in ZIP 32534 has risen 2.7% over the past year as of September 2026. It sits 0.5% below its high of $1,672 in May 2026.

When is the cheapest time to rent in ZIP 32534?

Asking rents in ZIP 32534 are usually lowest in February, about 1.7% below their yearly trend, and highest in June, about 1.3% above it. At today's median that is a gap of roughly $50 a month. This pattern comes from 5 years of Zillow rent data.

How does ZIP 32534 compare to other ZIPs in Florida?

ZIP 32534 is one of the more affordable among Florida ZIP codes for rent, ranking #549 of 656 at $1,664/mo. Over the year to September 2026, rent in ZIP 32534 changed +2.7%, against a typical +1.8% across the 623 Florida ZIP codes Zillow tracks.