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 | $1,580 |
| 1 Bedroom | $1,710 |
| 2 Bedrooms | $2,070 |
| 3 Bedrooms | $2,650 |
| 4 Bedrooms | $3,030 |
| 5 Bedrooms | $3,515 |
| 6 Bedrooms | $3,937 |
| 7 Bedrooms | $4,252 |
| 8 Bedrooms | $4,465 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,710 | $237,207 | 0.72% | D |
| 2BR | $2,070 | $319,666 | 0.65% | D |
| 3BR | $2,650 | $396,012 | 0.67% | D |
| 4BR | $3,030 | $440,647 | 0.69% | D |
U.S. Census Bureau data (2024)
The ZIP code 33136 in Miami, FL, presents a complex rental market landscape. The median household income stands at $44,843, while the market rate for rent is pegged at $2,580 (ZORI). This makes it challenging for the average resident to cover their housing expenses without significant financial strain. In comparison, the Section 8 voucher payment standard for the area is set at $1810 (FMR for zip FY 2024), which is significantly lower than the market rate.
The disparity between the market rate and the voucher payment reflects a substantial affordability gap. With 89.3% of the population being renters and a total population of 16,545, this gap has direct implications on the competition among landlords. Landlords who accept vouchers will have a more stable tenant base but must be prepared to receive lower rent payments compared to those who can secure tenants willing to pay the market rate.
The decision to accept vouchers versus cash-paying tenants hinges on several factors, including the stability of the rental income and the cost of maintaining properties. For landlords looking to maximize immediate revenue, focusing on the cash-paying segment of the market may prove beneficial. However, given the high percentage of renters and the limited ability of many households to meet market rates, there is a strong case for diversifying into both voucher and cash-paying tenant strategies.
A takeaway for landlords is that while the higher market rate can offer greater financial returns, the prevalence of Section 8 vouchers indicates a need for flexibility. Accepting vouchers can ensure a steady stream of tenants, reduce vacancy rates, and maintain occupancy levels. Conversely, targeting cash-paying tenants requires a keen understanding of the local economy and the ability to attract higher-income households or those receiving assistance beyond Section 8 vouchers.
In summary, the affordability gap in ZIP 33136 means that landlords must carefully consider their tenant mix. A balanced approach, where landlords are open to both voucher and cash-paying tenants, could mitigate risks and optimize income streams given the economic realities of the area.
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.