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 | $372,096 | 0.53% | F |
| 2BR | $2,260 | $666,505 | 0.34% | F |
| 3BR | $2,980 | $995,432 | 0.3% | F |
| 4BR | $2,990 | $1,746,417 | 0.17% | F |
| 5BR | $3,468 | $2,651,828 | 0.13% | F |
U.S. Census Bureau data (2024)
The ZIP code 33050, located in Marathon, FL, presents a unique challenge for renters and landlords alike. The median household income in this area stands at $94,898 according to the Census ACS data. However, the market rate for rent is set at $1,653, which means that the average renter must dedicate a significant portion of their income to housing costs.
To put this into perspective, a household earning the median income would need to allocate nearly 20% of their annual earnings towards rent alone. This is calculated by multiplying the monthly rent of $1,653 by 12 months, resulting in an annual rent expense of $19,836. Dividing this by the median income of $94,898 yields approximately 20.9%. For many households, this percentage could be considered high, especially when factoring in other essential expenses such as food, healthcare, and transportation.
Comparatively, the Fair Market Rent (FMR) standard for the fiscal year 2026 in the Marathon metro area is set at $2,050. This represents the maximum amount that a household should pay for rent, based on the assumption that they should not spend more than 30% of their income on housing. Given that the actual market rate is lower at $1,653, it suggests that the housing market in Marathon is slightly below the government's affordability threshold for low-income families. However, the disparity between the market rate and the FMR indicates a potential gap where some households might struggle to afford even the market-rate rents without financial assistance.
In ZIP 33050, 38.5% of the population are renters, with a total population of 10,561. This means there are around 4,067 renters in the area. The affordability gap implies that landlords face stiff competition from properties that offer lower rents or accept housing vouchers, which can cover up to the FMR of $2,050. Landlords who solely rely on market-rate tenants may find themselves with fewer options and potentially higher vacancy rates compared to those who are willing to accept Section 8 vouchers.
Takeaway for landlords: In ZIP 33050, embracing a strategy that includes accepting Section 8 vouchers alongside market-rate tenants can provide a more stable income stream. Vouchers ensure a consistent rent payment that aligns with the government-set FMR, reducing the risk of non-payment and providing a buffer against the fluctuating market-rate rents. By diversifying their tenant base, landlords can better navigate the competitive landscape and maintain occupancy levels.
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.