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 | $2,490 |
| 1 Bedroom | $2,710 |
| 2 Bedrooms | $3,270 |
| 3 Bedrooms | $4,180 |
| 4 Bedrooms | $4,780 |
| 5 Bedrooms | $5,545 |
| 6 Bedrooms | $6,210 |
| 7 Bedrooms | $6,707 |
| 8 Bedrooms | $7,042 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $2,710 | $432,125 | 0.63% | D |
| 2BR | $3,270 | $1,019,322 | 0.32% | F |
| 3BR | $4,180 | $2,206,320 | 0.19% | F |
| 4BR | $4,780 | $3,529,996 | 0.14% | F |
| 5BR | $5,545 | $8,271,323 | 0.07% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 33154, Bal Harbour, FL, for fiscal year 2024 is set at $2,980. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 program. It's important to note that this is not the actual rent you will receive; it's the benchmark used by the Housing Choice Voucher Program to determine the maximum allowable rent.
In contrast, the local median rent in Bal Harbour is $3,726, based on the Zillow Observed Rent Index (ZORI). This higher local rent price suggests that the FMR may not cover your full market rate, but it does ensure a steady income stream through government subsidies.
The 39.8% renter share indicates that nearly 40% of the households in Bal Harbour are renters, signaling a strong demand for rental properties. This high percentage can be beneficial if you're looking to fill your property quickly. However, the demand doesn't guarantee that all tenants will qualify for Section 8, so it's crucial to understand the eligibility requirements.
To acquire a property in Bal Harbour, you should expect to spend around $1,172,012, which is the average home value in the area. This high price point might seem daunting, but it also reflects the potential for significant appreciation over time, especially given the strong rental market.
Before deciding to participate in the Section 8 program, you must verify that your property meets the minimum housing quality standards known as the Housing Quality Standards (HQS). These standards ensure that the property is safe and habitable. While this process can be detailed, it's essential for securing approval and receiving consistent payments.
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.