Section 8 Fair Market Rent (FMR) for ZIP 33010 - 2027

Investment Score for ZIP 33010

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,720
1 Bedroom	$1,870
2 Bedrooms	$2,260
3 Bedrooms	$2,890
4 Bedrooms	$3,300
5 Bedrooms	$3,828
6 Bedrooms	$4,287
7 Bedrooms	$4,630
8 Bedrooms	$4,862

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
1BR	$1,870	$181,467	1.03%	B
2BR	$2,260	$458,916	0.49%	F
3BR	$2,890	$549,945	0.53%	F
4BR	$3,300	$608,743	0.54%	F
5BR	$3,828	$681,332	0.56%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 33010 (Hialeah, FL) #### Introduction This market analysis focuses on the real estate dynamics in ZIP code 33010, located in Hialeah, Florida. The analysis will cover key aspects such as Section 8 voucher dynamics, affordability and renter profile, investor angle, actionable insights, and a bottom line recommendation for Section 8-focused investors. #### Section 8 Voucher Dynamics The Fair Market Rent (FMR) for ZIP code 33010, as set by HUD for 2026, is $2230 for a two-bedroom unit. This represents 57.5% of the median household income in the area, which stands at $46,553. The FMR is designed to reflect the average rental cost for a standard unit in the market. However, the actual rental market in Hialeah is significantly higher. According to Zillow, the median price for a two-bedroom home is $451,724, which translates to a price-to-FMR ratio of 16.9x. This means that the actual rental prices are far above what the FMR suggests, creating a significant constraint for voucher holders who can only afford units up to the FMR limit. #### Affordability & Renter Profile ZIP code 33010 has a high renter population, with 69.7% of households being renters. The occupancy rate is also quite high at 95.7%, indicating a tight rental market where demand exceeds supply. Given that the median household income is $46,553, many residents rely heavily on affordable housing options. Section 8 vouchers play a crucial role in enabling low-income families to find suitable housing within their budget. However, the gap between the FMR and actual rental prices makes it challenging for voucher holders to secure housing, especially in a market where prices are so much higher than the FMR. #### Investor Angle From an investor perspective, the ZIP code 33010 presents both opportunities and challenges. The actual rental prices are significantly higher than the FMR, which could be seen as a positive indicator for cash flow if investors can find properties that align with the FMR. For instance, a two-bedroom unit priced at $2230 would generate positive cash flow if the property's acquisition and operational costs are lower than this amount. However, the high price-to-FMR ratio suggests that the majority of properties in the area are priced well above the FMR, making it difficult for Section 8 tenants to occupy them. This limits the pool of potential tenants and could negatively impact the investment grade for properties that do not meet the FMR criteria. #### Specific Actionable Insights 1. **Focus on Properties Below FMR**: Investors should prioritize acquiring properties that are priced below or at the FMR levels. For example, a two-bedroom unit priced at $2230 or less would be ideal for attracting Section 8 tenants. This ensures compliance with HUD guidelines and maximizes the likelihood of tenancy. 2. **Consider Renovation Projects**: Given the high renter population and tight market, there may be opportunities to acquire older properties at a lower price and renovate them to meet the FMR standards. This could involve upgrading kitchens, bathrooms, and other amenities to make the units more attractive to voucher holders while keeping the overall cost within the FMR range. 3. **Engage with Local Real Estate Agents**: Working closely with local real estate agents who have experience with Section 8 properties can provide valuable insights into the market. They can help identify properties that are already Section 8-compliant or those that can be easily modified to fit the criteria. #### Bottom Line Recommendation Given the high price-to-FMR ratio and the tight rental market, the recommendation for Section 8-focused investors in ZIP code 33010 is to **Hold**. While there are some opportunities to acquire properties that meet the FMR criteria, the overall market conditions make it challenging to find such properties. Additionally, the limited number of properties that fall within the FMR range suggests that competition among investors for these units may be intense. Therefore, holding onto existing Section 8-compliant properties or carefully selecting new ones that can be renovated to meet the FMR is advisable. ### Conclusion In summary, ZIP code 33010 in Hialeah, FL, presents a complex real estate landscape with high rental prices and a significant reliance on affordable housing. The FMR is substantially lower than the actual market rates, creating a barrier for Section 8 voucher holders. Despite the challenges, there are still opportunities for investors who can find or create properties that align with the FMR. However, given the tight market and high competition, a cautious approach is recommended.

Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). Demographics from U.S. Census (2024).

About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.