Location: Miami-Miami Beach-Kendall, FL | Metro: Miami-Miami Beach-Kendall, FL HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,180 |
| 1 Bedroom | $2,370 |
| 2 Bedrooms | $2,860 |
| 3 Bedrooms | $3,660 |
| 4 Bedrooms | $4,180 |
| 5 Bedrooms | $4,849 |
| 6 Bedrooms | $5,431 |
| 7 Bedrooms | $5,865 |
| 8 Bedrooms | $6,158 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $2,370 | $191,757 | 1.24% | A |
| 2BR | $2,860 | $284,320 | 1.01% | B |
| 3BR | $3,660 | $505,522 | 0.72% | D |
| 4BR | $4,180 | $670,478 | 0.62% | D |
| 5BR | $4,849 | $884,948 | 0.55% | F |
U.S. Census Bureau data (2024)
Located in the northwestern reach of Miami-Dade County, the 33015 zip code offers a dense, suburban environment characterized by a strong Cuban-American cultural influence and a high concentration of multi-family housing. The area is largely residential with a robust commercial spine along major arteries like Okeechobee Road and West 49th Street, providing residents with ample local retail and dining options. Local employment is anchored by proximity to major logistics hubs and healthcare facilities, with the Palmetto General Hospital serving as a significant institutional employer and economic stabilizer for the immediate vicinity.
From a numerical standpoint, investors must navigate a noticeable discrepancy between HUD payment standards and current market realities. The FY2024 HUD SAFMR for a 2-bedroom unit is set at $2,530, yet the Zillow ZORI market rent indicates a lower going rate of $2,352, resulting in a $178 premium for voucher holders. On the ownership side, the median home value sits at $396,288, while the specific median 2BR sale price is $286,635. Properties here require patience, as the median days on market lingers at 71 days, suggesting a slower turnover compared to the broader Miami market.
With 46.4% of households renting and a median household income of $77,339, the tenant pool consists of working-class families who may require assistance bridging the rent gap. While Hialeah Elementary serves the area, families often seek options in surrounding districts, making transit connectivity a priority for commuters. The extensive Metrobus network links 33015 to Downtown Miami and Hialeah’s transit centers, ensuring accessibility for tenants without private vehicles, thereby maintaining consistent demand for rental units.
The Section 8 verdict for 33015 leans toward stability and modest cash flow via the HUD premium. With the voucher rate exceeding market rent by $178, investors can secure guaranteed payments above typical market levels, provided they acquire assets near the median 2BR price of $286,635 to ensure favorable cap rates. While the 71-day days-on-market metric signals slower liquidity, the combination of a high renter share and reliable government subsidies makes this a defensive play for long-term holders seeking income protection against market fluctuations.
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.