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 | $2,000 |
| 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 |
|---|---|---|---|---|
| 2BR | $2,260 | $703,212 | 0.32% | F |
| 3BR | $2,980 | $840,905 | 0.35% | F |
| 4BR | $2,990 | $1,021,968 | 0.29% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 33043 in Florida for fiscal year 2026 is set at $2,510. This figure represents the payment standard for Section 8 housing assistance in the area, meaning it's the maximum amount the government will pay towards a tenant's rent. It's important to note that this is not your rent; rather, it's the benchmark used to determine how much you can charge a Section 8 tenant.
In comparison, the average rent for the same ZIP code, according to recent Census American Community Survey (ACS) data, stands at $1,724. This suggests that the FMR is higher than the typical market rent, which can be advantageous for landlords participating in the Section 8 program.
With an 11.6% share of renters in the area, there is a moderate demand for rental properties. However, this percentage also indicates that the majority of residents in ZIP 33043 own their homes, which could impact the pool of potential tenants. To gauge the actual demand, it's crucial to understand the local rental market dynamics and the number of Section 8 vouchers available.
The median home value in ZIP 33043 is around $734,637. This high figure reflects the overall cost of acquiring property in the area. If you're considering purchasing a property specifically for a Section 8 rental, ensure that the acquisition cost aligns with the long-term financial benefits of the program.
Before making a decision to enter the Section 8 market, verify the condition of the property against the Housing Quality Standards (HQS). These standards ensure that the rental unit meets basic safety and habitability criteria, which is mandatory for participation in the program. This step is critical because failing to meet HQS requirements can result in penalties or disqualification from the program.
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.