Location: Monroe County, FL | Metro: Monroe County, FL
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 | $1,560 |
| 1 Bedroom | $1,990 |
| 2 Bedrooms | $2,260 |
| 3 Bedrooms | $2,980 |
| 4 Bedrooms | $2,990 |
| 5 Bedrooms | $3,468 |
| 6 Bedrooms | $3,884 |
| 7 Bedrooms | $4,195 |
| 8 Bedrooms | $4,405 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,990 | $736,268 | 0.27% | F |
| 2BR | $2,260 | $782,412 | 0.29% | F |
| 3BR | $2,980 | $1,136,608 | 0.26% | F |
| 4BR | $2,990 | $2,445,762 | 0.12% | F |
| 5BR | $3,468 | $3,941,379 | 0.09% | F |
U.S. Census Bureau data (2024)
The ZIP code 33037, located in Key Largo, Florida, is a mixed housing market with a notable share of renters. With a population of 14,770, 20.8% of residents are renters, indicating a significant but not overwhelming presence of rental housing. The median household income in this area is $86,533, which provides context for the affordability of housing.
The market rent for the area is $3,178, representing approximately 37% of the median household income when annualized. This suggests that typical rent consumes a considerable portion of local incomes, making it challenging for many residents to afford market-rate rentals without assistance. The Fair Market Rent (FMR) for the metro area is set at $2,450, which is lower than the current market rent, indicating that the cost of living in Key Largo exceeds the average for the region.
The discrepancy between the FMR and the actual market rent highlights the potential for a robust demand for Section 8 vouchers. Landlords in ZIP 33037 should anticipate tenants who rely on government subsidies to cover their housing costs. These tenants will likely be low-income families or individuals, whose combined income does not exceed 50% of the area's median income, as per HUD guidelines. They will seek out properties that are priced at or below the FMR threshold of $2,450 to secure affordable housing options.
To summarize, while Key Largo has a substantial number of homeowners, the rental market is active enough to support a sizeable pool of Section 8 tenants. Landlords should prepare for a tenant base that includes those seeking financial aid through housing vouchers, given the high market rents relative to the FMR and the median household income. Such tenants will be looking for affordable housing solutions within the constraints of their subsidized income.
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.