Location: Miami-Miami Beach-Kendall, 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 | $1,570 |
| 1 Bedroom | $1,700 |
| 2 Bedrooms | $2,060 |
| 3 Bedrooms | $2,630 |
| 4 Bedrooms | $3,010 |
| 5 Bedrooms | $3,492 |
| 6 Bedrooms | $3,911 |
| 7 Bedrooms | $4,224 |
| 8 Bedrooms | $4,435 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,700 | $400,560 | 0.42% | F |
| 2BR | $2,060 | $464,474 | 0.44% | F |
| 3BR | $2,630 | $549,665 | 0.48% | F |
| 4BR | $3,010 | $624,171 | 0.48% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 33127 in Miami, Florida, for fiscal year 2024 is set at $1780. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 program. It is important to note that this is not the actual rent you will receive but rather a payment standard used by the Housing Choice Voucher program.
To put this into perspective, the Zillow Observed Rent Index (ZORI) for ZIP 33127 is currently at $3,041. This means that the typical market rent for properties in this area is significantly higher than the Section 8 payment standard. Therefore, if you are considering participating in the Section 8 program, you should be prepared to accept a lower rent compared to the local market rates.
The demand for rentals in this area is strong, with 73.1% of residents being renters. This high percentage indicates a robust market for rental properties, including those seeking Section 8 vouchers. However, the FMR being lower than the ZORI suggests that there may be a trade-off between the guaranteed stability of Section 8 payments and the potential for higher income from market-rate tenants.
If you are looking to acquire a property in this ZIP code specifically for Section 8, the median home value is approximately $516,042. This is the average price you might expect to pay for a home in this area, which could be a significant investment depending on your financial situation.
Before making the decision to participate in the Section 8 program, it is crucial to verify that your property meets all the necessary requirements for eligibility. This includes ensuring that your property passes a housing quality standards (HQS) inspection, which checks for safety, health, and habitability issues. Once you confirm that your property meets these standards, you can proceed with the application process to become a Section 8 landlord.
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.