Location: Miami-Miami Beach-Kendall, FL | Metro: Miami-Miami Beach-Kendall, FL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,950 |
| 1 Bedroom | $2,120 |
| 2 Bedrooms | $2,560 |
| 3 Bedrooms | $3,270 |
| 4 Bedrooms | $3,740 |
| 5 Bedrooms | $4,338 |
| 6 Bedrooms | $4,859 |
| 7 Bedrooms | $5,248 |
| 8 Bedrooms | $5,510 |
ZIP code 33092, located within the Miami-Miami Beach-Kendall, FL HUD Metro FMR Area, has a Fair Market Rent (FMR) of $2320 for fiscal year 2024. This figure is critical for understanding the rental market dynamics in this area, particularly for landlords and small-portfolio investors who manage properties under the Section 8 program.
Comparatively, typical ZIP codes within the Miami-Miami Beach-Kendall, FL HUD Metro FMR Area have higher FMRs, reflecting the overall cost of living and rental market conditions in this expansive metropolitan region. The lack of specific market rent and home value data for ZIP 33092 makes it challenging to provide a direct comparison; however, the lower FMR suggests that this area might be considered a value pocket within the broader metro. Value pockets are areas where rents are relatively lower compared to the average within the same metropolitan statistical area, making them attractive for both tenants seeking affordable housing and investors looking for opportunities to maximize returns on investment.
The absence of data regarding the percentage of renters in ZIP 33092 means we cannot definitively conclude if there's a significant divergence between the renter share and home values that would typically indicate a Section 8 sweet spot. However, given the lower FMR, it is reasonable to infer that this ZIP code could be an area where the demand for affordable housing is high, potentially making it a suitable location for Section 8 properties.
In summary, ZIP 33092 stands out as a value pocket within the Miami-Miami Beach-Kendall, FL HUD Metro FMR Area due to its lower FMR of $2320. This characteristic positions it as a niche market where landlords and investors can find opportunities to serve the needs of low-income tenants while maintaining competitive rental rates. The lack of comprehensive data limits a full analysis, but the existing information points towards a promising area for those involved in the affordable housing sector.
Data Sources: FMR data from HUD (2027).
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.