Section 8 Fair Market Rent (FMR) for ZIP 33029 - 2027

Investment Score for ZIP 33029

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	$2,360
1 Bedroom	$2,560
2 Bedrooms	$3,120
3 Bedrooms	$4,260
4 Bedrooms	$4,920
5 Bedrooms	$5,707
6 Bedrooms	$6,392
7 Bedrooms	$6,903
8 Bedrooms	$7,248

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$3,120	$423,009	0.74%	D
3BR	$4,260	$599,628	0.71%	D
4BR	$4,920	$767,035	0.64%	D
5BR	$5,707	$1,019,900	0.56%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 33029 (Pembroke Pines, FL) #### Section 8 Voucher Dynamics The Fair Market Rent (FMR) figures for ZIP code 33029 in Pembroke Pines, Florida, for 2026 indicate that a 2-bedroom unit should rent for $3,230. However, the actual rental market is significantly higher. The Zillow median price for a 2-bedroom home is $425,047, which translates to a price-to-FMR ratio of 11.0x. This means that the average price of a 2-bedroom home is over eleven times the FMR. For voucher holders, this presents a significant challenge, as they would be hard-pressed to find units renting at or below the FMR levels. The 3BR and 4BR units have FMRs of $4,450 and $5,410 respectively, but the high price-to-FMR ratio suggests that actual rents are likely much higher than these figures. #### Affordability & Renter Profile ZIP code 33029 has a median household income of $146,237, which is quite high compared to national averages. Only 10.2% of the population are renters, indicating a primarily owner-occupied market. The occupancy rate stands at 96.8%, suggesting a very tight rental market. Given the high median income and low percentage of renters, those who do rent are likely to be individuals or families with above-average incomes, making it difficult for lower-income households to find affordable housing. The fact that 2BR units consume 26.5% of the median income further underscores the affordability issues faced by renters. #### Investor Angle From an investor’s perspective, the ZIP code 33029 presents a challenging environment for cash flow positive investments based on FMR alone. With the FMR for a 2BR unit at $3,230 and the Zillow median price at $425,047, the potential rental income would be insufficient to cover mortgage payments, property taxes, insurance, and maintenance costs, especially considering the high price-to-FMR ratio. This makes the area less attractive for investors seeking to rely solely on Section 8 vouchers for cash flow. #### Specific Actionable Insights 1. **Target Higher-Income Renters**: Given the high median income and the tight rental market, investors might consider targeting higher-income renters who can afford the premium rents. This could involve developing luxury apartments or converting existing properties into upscale rentals. 2. **Consider Larger Units**: Since the FMR for larger units (3BR and 4BR) is higher, investors might focus on properties that can accommodate these larger units. A 3BR unit at $4,450 or a 4BR unit at $5,410 might provide better cash flow opportunities, even if they still fall short of covering all expenses. 3. **Explore Mixed-Income Developments**: Investors could explore mixed-income developments where some units are rented at market rates while others are rented to Section 8 voucher holders. This approach can balance out the financial impact of relying solely on FMR-based rents. #### Bottom Line For Section 8-focused investors, ZIP code 33029 is not recommended due to the high price-to-FMR ratio and the tight rental market. The recommendation is to **Skip** this ZIP code for such investments. Instead, investors might want to look at areas with lower price-to-FMR ratios or higher percentages of renters to ensure better cash flow and more viable investment opportunities.

Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.