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 | $2,780 |
| 1 Bedroom | $3,030 |
| 2 Bedrooms | $3,660 |
| 3 Bedrooms | $4,680 |
| 4 Bedrooms | $5,350 |
| 5 Bedrooms | $6,206 |
| 6 Bedrooms | $6,951 |
| 7 Bedrooms | $7,507 |
| 8 Bedrooms | $7,882 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $3,030 | $590,887 | 0.51% | F |
| 2BR | $3,660 | $1,201,367 | 0.3% | F |
| 3BR | $4,680 | $2,671,638 | 0.18% | F |
| 4BR | $5,350 | $3,778,948 | 0.14% | F |
| 5BR | $6,206 | $5,540,659 | 0.11% | F |
U.S. Census Bureau data (2024)
ZIP code 33149, located in Key Biscayne, FL, is part of the larger Miami-Miami Beach-Kendall, FL HUD Metro FMR Area. Its Fair Market Rent (FMR) for fiscal year 2024 is set at $3,490. This figure is notably lower than the market rent of $8,242, indicating that properties in this area command a significant premium over the HUD's fair market assessment. The median home value in ZIP 33149 is an impressive $1,654,591, positioning it as one of the most expensive areas within the metro. However, the renter share stands at 33.4%, which is relatively high.
To determine the status of ZIP 33149 within its metro area, let's consider the implications of these figures:
Based on these figures, ZIP 33149 represents a premium sub-market within the Miami-Miami Beach-Kendall, FL HUD Metro FMR Area. The high median home value and market rent clearly distinguish it from more modest neighborhoods. However, the relatively high renter share does not align with the typical characteristics of a premium sub-market, where ownership tends to be higher due to the concentration of wealth. This divergence could signal a unique dynamic in the area, but it does not necessarily indicate a Section 8 sweet spot, as the home values are far above the metro average.
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.