Location: Monroe County, 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 | $1,530 |
| 1 Bedroom | $1,660 |
| 2 Bedrooms | $2,010 |
| 3 Bedrooms | $2,570 |
| 4 Bedrooms | $2,940 |
| 5 Bedrooms | $3,410 |
| 6 Bedrooms | $3,819 |
| 7 Bedrooms | $4,125 |
| 8 Bedrooms | $4,331 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,660 | $176,651 | 0.94% | C |
| 2BR | $2,010 | $233,291 | 0.86% | C |
| 3BR | $2,570 | $370,395 | 0.69% | D |
| 4BR | $2,940 | $431,254 | 0.68% | D |
U.S. Census Bureau data (2024)
ZIP code 33034 is located in a suburban neighborhood of Florida City, FL. With a population of 23,823, it's a community where over two-thirds of residents, specifically 64.1%, are renters. The median household income here is $47,170, indicating a middle-class area. The median home value stands at $384,289, which reflects a moderate to high cost of living for homeowners.
The rental market in ZIP 33034 is robust, with a significant portion of the population relying on rental housing. The Fair Market Rent (FMR) for the zip code in fiscal year 2024 is set at $1,900, whereas the actual market rent, as measured by the Zillow Observed Rent Index (ZORI), is $2,382. This discrepancy suggests that there is a notable premium on market rents compared to government-set rates, creating an opportunity for landlords who can manage properties effectively to capture this difference.
Given these conditions, ZIP 33034 is better suited for a hands-on value-add buyer rather than a hands-off voucher operator. While the voucher program provides a steady stream of income, the higher market rents indicate potential for more aggressive property management strategies. By focusing on improving property quality and increasing occupancy rates, a hands-on investor can leverage the gap between FMR and ZORI to achieve higher returns. This approach requires active engagement with property maintenance, tenant relations, and possibly strategic renovations to meet the expectations of a market willing to pay above the FMR.
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.