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 | $2,930 |
| 1 Bedroom | $3,190 |
| 2 Bedrooms | $3,850 |
| 3 Bedrooms | $4,920 |
| 4 Bedrooms | $5,630 |
| 5 Bedrooms | $6,531 |
| 6 Bedrooms | $7,315 |
| 7 Bedrooms | $7,900 |
| 8 Bedrooms | $8,295 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $3,190 | $443,834 | 0.72% | D |
| 2BR | $3,850 | $692,372 | 0.56% | F |
| 3BR | $4,920 | $1,540,233 | 0.32% | F |
| 4BR | $5,630 | $3,607,631 | 0.16% | F |
U.S. Census Bureau data (2024)
3490 In ZIP code 33131 of Miami, Florida, the Fair Market Rent (FMR) for FY 2024 stands at $3490, indicating the maximum rental assistance payment that landlords can receive under the Section 8 program. 588042 The median home value in the area is $588,042, which suggests a significant investment potential for real estate owners. 63 However, with 63.0% of the population being renters, there's a notable demand for rental properties over homeownership. 3772 Market rent, measured by ZORI, is $3,772, slightly higher than the FMR, which implies that landlords could potentially charge more than the government-subsidized rate. 144138 The median income of $144,138 in the area is relatively high, supporting the possibility of tenants qualifying for higher rental assistance payments. 113 With an average of 113 days on the market (DOM), it indicates that properties listed for sale in this area take about four months to sell, suggesting a moderate pace of sales activity. 01 Furthermore, the 0.1% price-cut share shows that very few listings require price reductions before closing, indicating a strong seller's market. 3490 Based on these figures, landlords and small-portfolio investors should consider the balance between Section 8 participation and market-rate rentals, given the competitive landscape and high median values. 3490 A prudent approach would be to evaluate individual property values and tenant profiles carefully, as the data points towards a robust rental market with a slight premium over Section 8 rates.
3490 Verdict: Section 8 remains a viable option in ZIP 33131, but landlords should weigh the benefits against the potential for higher market rents.
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.