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 | $2,020 |
| 1 Bedroom | $2,190 |
| 2 Bedrooms | $2,650 |
| 3 Bedrooms | $3,390 |
| 4 Bedrooms | $3,870 |
| 5 Bedrooms | $4,489 |
| 6 Bedrooms | $5,028 |
| 7 Bedrooms | $5,430 |
| 8 Bedrooms | $5,702 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $2,190 | $232,491 | 0.94% | C |
| 2BR | $2,650 | $414,824 | 0.64% | D |
| 3BR | $3,390 | $717,234 | 0.47% | F |
| 4BR | $3,870 | $904,713 | 0.43% | F |
| 5BR | $4,489 | $1,233,223 | 0.36% | F |
U.S. Census Bureau data (2024)
To determine if you should buy in ZIP code 33166 (Miami Springs, FL) for Section 8 investment, follow this decision tree:
1) Does FMR $2,280 (zip FY 2024) clear debt service on a $608,358 property?
No: The Fair Market Rent (FMR) of $2,280 does not sufficiently cover the debt service on a property valued at $608,358. Debt service typically includes mortgage payments, property taxes, insurance, and maintenance costs. At this valuation, the income from Section 8 would be insufficient to meet these obligations.
Yes: If your property cost is lower than $608,358, then the FMR of $2,280 can potentially cover the debt service. However, proceed to the next question to assess overall profitability and demand.
2) Is market rent $2,804 (ZORI) above, at, or below FMR?
Above: The Zillow Observed Rental Index (ZORI) of $2,804 is higher than the FMR of $2,280. This indicates that market rents exceed the Section 8 payment standard, which could lead to a shortfall in covering the market value of the rental. Consider the difference between the two rates when evaluating profitability.
At or Below: If the market rent is at or below the FMR, then Section 8 tenants can cover the full rental amount without additional financial burden on the landlord. This makes the property more attractive for Section 8 investment.
3) Are 52.8% renters + 65-day Days on Market (DOM) enough demand?
It Depends: With 52.8% of the population being renters and an average DOM of 65 days, there is moderate demand. A DOM of 65 days suggests that properties take about two months to rent out, which is reasonable but not ideal. The renter percentage indicates a steady rental market, but profitability will depend on how well the FMR covers debt service and the gap between market rent and FMR.
If the FMR does not cover debt service, avoid purchasing in this area for Section 8 investment. If the FMR covers debt service and the market rent is at or below the FMR, the area is suitable for Section 8 investment. If the market rent exceeds the FMR, evaluate whether you can accept a lower rental rate or if the difference is too significant to justify the investment.
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.