Section 8 Fair Market Rent (FMR) for ZIP 33147 - 2027

Investment Score for ZIP 33147

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	$1,710
1 Bedroom	$1,860
2 Bedrooms	$2,250
3 Bedrooms	$2,880
4 Bedrooms	$3,290
5 Bedrooms	$3,816
6 Bedrooms	$4,274
7 Bedrooms	$4,616
8 Bedrooms	$4,847

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
1BR	$1,860	$374,455	0.5%	F
2BR	$2,250	$391,021	0.58%	F
3BR	$2,880	$455,043	0.63%	D
4BR	$3,290	$515,426	0.64%	D
5BR	$3,816	$590,143	0.65%	D

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 33147 (West Little River, FL) #### Section 8 Voucher Dynamics In ZIP code 33147, the Fair Market Rent (FMR) for a two-bedroom apartment is set at $2150 per month for 2026. This amount represents 50.9% of the median household income of $50,704, indicating that it is a significant portion of what residents can afford. However, the actual rental market in West Little River is much higher. According to Zillow, the median price for a two-bedroom home is $380,260, which translates to a monthly rent of approximately $1667 based on a typical mortgage payment. The price-to-FMR ratio of 14.7x suggests that the actual market rents are significantly higher than the FMR. For instance, if we assume a 1% interest rate on the mortgage, the monthly rent would be around $1667, which is still below the FMR. Therefore, voucher holders face substantial constraints in finding affordable housing within the FMR limits. They may struggle to find properties that accept their vouchers due to the high cost of living in the area. #### Affordability & Renter Profile The population of West Little River is 50,419, with 49.7% of the households being renters. This indicates a strong rental market, but the occupancy rate of 91.7% suggests that there is a slight shortage of available units. Given the median household income of $50,704, many residents are likely to be low-income families who rely heavily on government assistance programs like Section 8 vouchers. The high rent-to-income ratio implies that the market is relatively tight, and affordability is a significant concern for the majority of renters. With the FMR for a three-bedroom unit at $2760, it is clear that even larger families may struggle to find suitable housing without financial assistance. #### Investor Angle From an investor's perspective, the ZIP code 33147 offers mixed opportunities. The FMR for a two-bedroom unit is $2150, which is lower than the actual market rent but still provides a potential cash flow opportunity. However, the high price-to-FMR ratio of 14.7x means that investors would need to consider the broader market dynamics carefully. If they purchase properties at the median price of $380,260, they would need to ensure that they can manage the property effectively to achieve a positive cash flow. The investment grade would depend on factors such as the ability to secure tenants with Section 8 vouchers, the maintenance costs, and the overall demand for rental properties in the area. #### Specific Actionable Insights 1. **Focus on Smaller Units**: Given the high price-to-FMR ratio, investors should focus on smaller units such as one-bedroom apartments. The FMR for a one-bedroom unit is $1760, which is more aligned with the median income levels. This could provide a better chance of securing tenants and achieving positive cash flow. 2. **Consider Location-Specific Factors**: Investors should conduct thorough research on specific neighborhoods within West Little River to identify areas where the rental market is slightly more affordable. Properties near public transportation, schools, and other amenities may have a higher demand and thus better chances of attracting Section 8 voucher holders. 3. **Engage with Local Real Estate Agents**: To navigate the complexities of the rental market and understand the nuances of finding tenants with Section 8 vouchers, investors should engage with local real estate agents who specialize in the area. These agents can provide valuable insights into the local rental market and help in identifying properties that are more likely to be accepted by voucher holders. #### Bottom Line For Section 8-focused investors, the recommendation for ZIP code 33147 is to **Hold**. While the area presents challenges due to the high price-to-FMR ratio and the tight rental market, there is still a significant demand for affordable housing. Investors who already own properties in this area may continue to benefit from the steady stream of low-income renters. However, new investors should proceed with caution and consider focusing on smaller units or engaging with local experts to maximize their chances of success. The high median home price and the limited availability of units make it difficult to enter the market profitably without careful planning and execution.

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.