Section 8 Fair Market Rent (FMR) for ZIP 33132 - 2027

Location: Miami-Miami Beach-Kendall, FL | Metro: Miami-Miami Beach-Kendall, FL HUD Metro FMR Area

Investment Score for ZIP 33132

Monthly Rent (2BR)

$3,850

Median Price (2BR)

$651,837

1% Rule

0.59%

Annual Yield

7.09%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

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

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
1BR	$3,190	$408,258	0.78%	D
2BR	$3,850	$651,837	0.59%	F
3BR	$4,920	$1,182,698	0.42%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

20,253

Median Household Income

$109,109

Housing Units

14,089

Renter Percentage

74.3%

Occupancy Rate

77.3%

Renter Occupied

8,099

To determine if you should buy in ZIP code 33132 (Miami, FL) for Section 8 investment, follow this decision tree based on the provided data.

1) Does FMR $3490 (zip FY 2024) clear debt service on a $525,028 property?

No: The Fair Market Rent (FMR) of $3490 per month is insufficient to cover the debt service on a property priced at $525,028. This makes the investment unviable from a financial standpoint without additional sources of income or subsidies.

2) Is market rent $3,353 (ZORI) above, at, or below FMR?

Below FMR: The Zillow Observed Rent Index (ZORI) indicates that the average market rent is $3,353, which is below the FMR of $3490. This suggests that renting to non-Section 8 tenants might be less profitable compared to renting to Section 8 tenants.

3) Are 74.3% renters + 132-day DOM enough demand?

It depends: With 74.3% of residents being renters and an average Days on Market (DOM) of 132 days, there is moderate demand. However, the viability hinges on the rental price relative to the FMR and the ability to secure long-term tenancy. If you can rent your property close to the FMR and manage tenancy effectively, the demand is sufficient.

If the FMR does not cover debt service, the answer is clear: No. If the market rent is below the FMR, consider Section 8 as a stable source of income. For demand, the combination of high renter percentage and moderate DOM suggests a balanced market, but the decision ultimately depends on how you align your rental pricing and manage your properties.

Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.