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 | $1,910 |
| 1 Bedroom | $2,080 |
| 2 Bedrooms | $2,510 |
| 3 Bedrooms | $3,210 |
| 4 Bedrooms | $3,670 |
| 5 Bedrooms | $4,257 |
| 6 Bedrooms | $4,768 |
| 7 Bedrooms | $5,149 |
| 8 Bedrooms | $5,406 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,510 | $800,506 | 0.31% | F |
| 3BR | $3,210 | $798,198 | 0.4% | F |
| 4BR | $3,670 | $933,144 | 0.39% | F |
| 5BR | $4,257 | $1,258,961 | 0.34% | F |
U.S. Census Bureau data (2024)
The ZIP code 33031 in Miami-Dade County, Florida, stands out among other areas due to its unique demographic and economic characteristics. With a total population of 7,323 residents, 13.0% of whom rent their homes, it has a median household income of $109,945. The median home value in this ZIP code is notably high at $897,442, indicating a relatively affluent community.
However, the dynamics of the rental market and the availability of housing assistance through the Section 8 program present an interesting contrast. The Fair Market Rent (FMR) for ZIP 33031, as set for fiscal year 2024, is $1,980. This figure is higher than the average market rent of $1,745 reported by the Census Bureau's American Community Survey (ACS). This discrepancy suggests that landlords participating in the Section 8 program can expect to receive slightly above-market rents, which can be beneficial for maintaining cash flow and property upkeep.
The voucher economics in ZIP 33031 favor landlords who are willing to accept Section 8 tenants. Given the FMR exceeds the market rent, it provides a financial cushion that can help offset the administrative burden associated with the program. Additionally, the higher median income of the area may indicate a lower risk of default, as tenants are more likely to have stable employment and income sources.
Based on the data available, the ZIP code 33031 appears to be relatively stable. The high median income and home values suggest a strong local economy and a population with the means to afford living in this area. However, the low percentage of renters indicates that there might be limited demand for rental properties, including those under the Section 8 program. Therefore, while the area is stable, the rental market may be transitioning, requiring landlords to carefully consider their investment strategies.
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.