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 | $1,530 |
| 1 Bedroom | $1,660 |
| 2 Bedrooms | $2,010 |
| 3 Bedrooms | $2,570 |
| 4 Bedrooms | $2,940 |
| 5 Bedrooms | $3,410 |
| 6 Bedrooms | $3,819 |
| 7 Bedrooms | $4,125 |
| 8 Bedrooms | $4,331 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,660 | $229,461 | 0.72% | D |
| 2BR | $2,010 | $400,924 | 0.5% | F |
| 3BR | $2,570 | $483,171 | 0.53% | F |
| 4BR | $2,940 | $532,827 | 0.55% | F |
U.S. Census Bureau data (2024)
The rent math in ZIP 33150, located in the West Little River area of Florida within the Miami-Miami Beach-Kendall HUD Metro FMR Area, does not favor Section 8 participation. The Fair Market Rent (FMR) set at $1740 for fiscal year 2024 is significantly lower than the market rent indicated by ZORI at $2,256. This discrepancy means that landlords would receive less rental income through Section 8 vouchers compared to what they could charge on the open market.
Acquisition of properties in this ZIP code is moderately affordable. The median home value stands at $443,972. However, due to limited data on days on market (DOM) and the low percentage of homes needing price cuts (0.2%), it suggests that the real estate market is stable and competitive. Landlords should expect to pay close to the median value for property acquisitions, which may be challenging given the lower FMR.
Tenant demand in ZIP 33150 is robust, with a total population of 30,974. A significant portion of this population, 70.6%, are renters. This high renter share indicates a strong pool of potential tenants who might benefit from Section 8 vouchers, although the actual number of eligible applicants is not specified in the provided data.
In conclusion, while there is ample tenant demand in ZIP 33150, the rent math does not align well with the financial benefits typically sought by landlords. The substantial gap between the FMR and market rent makes it less attractive for landlords to participate in the Section 8 program. Additionally, the moderate affordability of property acquisition combined with a stable and competitive real estate market means that landlords should carefully consider the financial implications before engaging with Section 8 tenants. Despite these challenges, the high renter share ensures a consistent supply of interested tenants, but the decision ultimately hinges on whether landlords can accept the lower rental income relative to market rates.
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.