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 | $2,180 |
| 1 Bedroom | $2,370 |
| 2 Bedrooms | $2,860 |
| 3 Bedrooms | $3,660 |
| 4 Bedrooms | $4,180 |
| 5 Bedrooms | $4,849 |
| 6 Bedrooms | $5,431 |
| 7 Bedrooms | $5,865 |
| 8 Bedrooms | $6,158 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $2,370 | $326,609 | 0.73% | D |
| 2BR | $2,860 | $629,041 | 0.45% | F |
| 3BR | $3,660 | $1,144,332 | 0.32% | F |
| 4BR | $4,180 | $1,958,801 | 0.21% | F |
| 5BR | $4,849 | $3,282,537 | 0.15% | F |
U.S. Census Bureau data (2024)
Coral Gables, FL, specifically ZIP code 33134, is a vibrant and diverse neighborhood with a total population of 38,174 residents. Approximately 42.3% of these residents are renters, indicating a significant demand for rental properties. The median household income in this area is $99,766, which places it firmly in the upper-middle-income bracket. This economic strength is further reflected in the median home value of $873,959, suggesting that homeownership is a substantial investment.
The rent economics in ZIP 33134 provide an interesting comparison between federally subsidized housing and the local market. The Fair Market Rent (FMR) for 2024, which is the amount set by the U.S. Department of Housing and Urban Development (HUD) for Section 8 vouchers, is $2,520 per month. In contrast, the actual market rent, measured by the Zillow Observed Rental Index (ZORI), stands at $2,738 per month. This indicates that while Section 8 vouchers can cover a significant portion of the rent, there is still a gap between the voucher amount and the average market rent.
Given these figures, ZIP 33134 may not be ideal for hands-off voucher operators who rely solely on Section 8 payments to cover costs. However, it could be a suitable location for hands-on value-add buyers who are willing to invest in property improvements to attract higher-paying tenants or those who can manage the difference between the voucher amount and market rent through other means. These investors might focus on enhancing property amenities or improving the overall quality of their units to appeal to a broader tenant base, thereby maximizing their returns in a competitive market environment.
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.