Section 8 Fair Market Rent (FMR) for ZIP 33162 - 2027

Investment Score for ZIP 33162

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	$1,720
1 Bedroom	$1,870
2 Bedrooms	$2,260
3 Bedrooms	$2,890
4 Bedrooms	$3,300
5 Bedrooms	$3,828
6 Bedrooms	$4,287
7 Bedrooms	$4,630
8 Bedrooms	$4,862

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	$1,870	$129,850	1.44%	A
2BR	$2,260	$375,821	0.6%	D
3BR	$2,890	$520,029	0.56%	F
4BR	$3,300	$617,024	0.53%	F
5BR	$3,828	$888,338	0.43%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 33162 (North Miami Beach, FL) #### Section 8 Voucher Dynamics The Fair Market Rent (FMR) figures for ZIP code 33162, as of 2026, indicate that a two-bedroom unit is priced at $2110 per month. This represents 41.7% of the median household income in North Miami Beach, which stands at $60,692. The FMR for a three-bedroom unit is $2710, and for a four-bedroom unit, it is $3130. However, these figures must be compared to actual rental prices to understand how they affect voucher holders. Actual rents can vary widely from the FMR, especially in a high-demand area like North Miami Beach. For instance, the Zillow median price for a two-bedroom unit is $375,848, which translates into a monthly rent of approximately $1562 based on typical mortgage rates and property taxes. This suggests that the actual rental market may be slightly below the FMR for a two-bedroom unit, but still, voucher holders face significant constraints due to the limited availability of units that fall within their budget. #### Affordability & Renter Profile The population of North Miami Beach is 46,606, with 46.5% of residents being renters. This indicates a substantial demand for rental properties, contributing to a competitive market. The occupancy rate of 90.6% further supports the notion that the market is relatively tight, with few vacant units available. Given the median household income of $60,692, affordability is a critical issue for many residents, particularly those relying on Section 8 vouchers. The price-to-FMR ratio for a two-bedroom unit is 14.8x, meaning that the median home value is significantly higher than the rental costs. This suggests that while owning a home might be out of reach for many residents, renting is somewhat more affordable. However, the disparity between the Zillow median price and the FMR highlights the challenge of finding affordable housing for low-income families. #### Investor Angle From an investor perspective, the cash flow potential in ZIP code 33162 depends heavily on the ability to secure tenants who can pay close to the FMR. Given the Zillow median price of $375,848 for a two-bedroom unit, the implied monthly rent of $1562 is lower than the FMR of $2110. This implies that there could be opportunities for investors to achieve positive cash flow by renting properties at or near the FMR. However, the investment grade would also depend on factors such as vacancy rates, maintenance costs, and competition from other rental properties. With an occupancy rate of 90.6%, the risk of prolonged vacancies is relatively low, making this ZIP code attractive for investors seeking stable cash flows. #### Specific Actionable Insights 1. **Focus on Two-Bedroom Units**: Investors should consider acquiring two-bedroom units, as the FMR ($2110) is well above the implied rent from the Zillow median price ($1562). This provides a margin for positive cash flow even when accounting for typical operating expenses. 2. **Consider the Price-to-FMR Ratio**: Given the high price-to-FMR ratio of 14.8x, investors should be cautious about overpaying for properties. It is advisable to seek properties that are priced closer to the rental value rather than the median home value, ensuring better returns on investment. 3. **Engage with Local Real Estate Agents**: To navigate the tight rental market effectively, investors should work closely with local real estate agents who have a deep understanding of the area. They can provide insights into the most desirable neighborhoods and help identify properties that are likely to attract tenants willing to pay the FMR. #### Bottom Line For Section 8-focused investors, ZIP code 33162 presents a mixed picture. While the rental market is tight and there is a strong demand for affordable housing, the high price-to-FMR ratio suggests that investors need to be strategic in their acquisitions. Based on the data provided, the recommendation is to **Hold** on existing investments and **Buy** selectively, focusing on properties that offer a good balance between purchase price and potential rental income at or near the FMR. This approach will maximize the chances of achieving positive cash flow and maintaining a competitive edge in the North Miami Beach rental market.

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.