Section 8 Fair Market Rent (FMR) for ZIP 33155 - 2027

Investment Score for ZIP 33155

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	$2,110
1 Bedroom	$2,290
2 Bedrooms	$2,770
3 Bedrooms	$3,540
4 Bedrooms	$4,050
5 Bedrooms	$4,698
6 Bedrooms	$5,262
7 Bedrooms	$5,683
8 Bedrooms	$5,967

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
1BR	$2,290	$193,966	1.18%	B
2BR	$2,770	$584,275	0.47%	F
3BR	$3,540	$727,864	0.49%	F
4BR	$4,050	$855,324	0.47%	F
5BR	$4,698	$1,063,254	0.44%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 33155 (Miami, FL) #### Section 8 Voucher Dynamics In ZIP code 33155, the Fair Market Rent (FMR) for a two-bedroom apartment is set at $2740 per month for the year 2026. This figure represents approximately 40.5% of the median household income of $81,158. The actual rental market in this area, however, is significantly higher. According to Zillow, the median price for a two-bedroom property is $572,774, which translates to a monthly rent of around $2049 based on typical mortgage rates and property values. However, the price-to-FMR ratio of 17.4x suggests that the actual rental prices are much higher than the FMR. For instance, if we assume a typical rental yield of 5%, the implied monthly rent would be approximately $2386, still below the FMR but indicating a significant gap between what landlords can charge and what voucher holders can afford. The constraints for voucher holders are evident in this disparity. While the FMR provides a benchmark for affordability, it does not necessarily reflect the actual rental prices in the market. Landlords who accept Section 8 vouchers must limit their rental income to the FMR, which is lower than the market rate. This can create a disincentive for landlords to participate in the program, especially given the high demand for housing in Miami. #### Affordability & Renter Profile ZIP code 33155 has a population of 43,983, with 35.4% of residents being renters. The occupancy rate of 93.9% indicates a very tight rental market where there is little vacancy. Given the median household income of $81,158, the average renter in this area would find it challenging to afford the actual market rents without assistance. The FMR for a two-bedroom unit at $2740 is already a substantial portion of the median income, making it difficult for many renters to find affordable housing without a voucher. The high price-to-FMR ratio of 17.4x further underscores the unaffordable nature of the market for low-income renters. This ratio means that the median price of a two-bedroom home is nearly 17 times the FMR, indicating a significant mismatch between the cost of living and the affordability of housing. As such, this ZIP code is likely to have a high concentration of low-income households relying on government assistance to secure housing. #### Investor Angle From an investor perspective, the ZIP code 33155 presents a mixed picture. The FMR for a two-bedroom apartment is $2740, which is lower than the implied market rent of $2386 based on typical mortgage yields. However, the actual market rents are likely much higher due to the tight market conditions and the high price-to-FMR ratio. To determine if this ZIP code is cash-flow positive at FMR, we need to consider the costs associated with owning and renting out a property. Assuming a median home value of $572,774 and a typical mortgage rate of 4%, the monthly mortgage payment would be around $2844. This is already above the FMR for a two-bedroom unit, suggesting that landlords accepting Section 8 vouchers would struggle to cover their mortgage payments solely through rental income. Furthermore, the investment grade of properties in this ZIP code is likely to be moderate to low due to the high costs relative to the FMR. Investors should carefully evaluate the potential returns and risks before committing to this market. The tight rental market could provide some stability, but the limited ability to raise rents to match market rates could lead to financial strain over time. #### Specific Actionable Insights 1. **Focus on Smaller Units**: Given the high FMR-to-market rent gap, investors might want to focus on smaller units like one-bedroom apartments, which have an FMR of $2240. This is still a significant portion of the median income, but it might be more manageable for landlords to cover their costs while remaining competitive in the rental market. 2. **Consider Short-Term Rentals**: With the high occupancy rate and limited vacancy, short-term rentals could be a viable alternative. Platforms like Airbnb can offer higher rates than long-term rentals, potentially allowing investors to generate better cash flow. However, this strategy requires careful management and compliance with local regulations. 3. **Seek Government Subsidies**: Given the high costs of ownership, investors might benefit from seeking additional government subsidies beyond Section 8 vouchers. Programs like Low-Income Housing Tax Credits (LIHTC) or other federal and state incentives can help offset the financial burden and improve the overall investment grade. #### Bottom Line For Section 8-focused investors, ZIP code 33155 presents a challenging environment. The high price-to-FMR ratio and tight rental market make it difficult to achieve positive cash flow strictly through FMR-based rents. Therefore, the recommendation is to **Skip** this ZIP code unless you can leverage additional subsidies or diversify into other types of rentals. If you decide to invest, focus on smaller units and consider short-term rental opportunities to enhance profitability.

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.