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 | $1,730 |
| 1 Bedroom | $1,880 |
| 2 Bedrooms | $2,270 |
| 3 Bedrooms | $2,900 |
| 4 Bedrooms | $3,320 |
| 5 Bedrooms | $3,851 |
| 6 Bedrooms | $4,313 |
| 7 Bedrooms | $4,658 |
| 8 Bedrooms | $4,891 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,270 | $412,711 | 0.55% | F |
| 3BR | $2,900 | $485,852 | 0.6% | F |
| 4BR | $3,320 | $560,471 | 0.59% | F |
| 5BR | $3,851 | $642,966 | 0.6% | F |
U.S. Census Bureau data (2024)
24.5% of North Miami, FL residents in ZIP code 33168 are renters, indicating a significant demand for rental properties in the area. The $2,396 market rent (ZORI) shows that tenants are willing to pay a premium for housing, but it's important to note that the $2140 FMR (Fair Market Rent) for zip FY 2024 sets the maximum allowable rent for Section 8 vouchers. This means landlords should carefully consider their pricing strategy to ensure they're competitive yet compliant with HUD guidelines.
The median home value of $456,630 suggests that homeownership is relatively expensive in North Miami, which could further drive the rental market. However, the median income of $65,777 indicates that many residents may struggle to afford market rents, making subsidized housing options like Section 8 particularly attractive to potential tenants.
Investors looking at the time on market should be aware of the 70-day DOM (Days on Market), which is a reasonable period but still requires attention to property presentation and marketing to attract tenants quickly. Additionally, the 0.2% price-cut share is a positive sign, showing that few landlords need to lower their prices to secure tenants, likely due to the strong demand for rental units.
To summarize, North Miami's rental market is robust, driven by a substantial renter population and high median home values. While market rents exceed the Section 8 FMR, the local median income supports the need for affordable housing solutions. Therefore, landlords who can offer quality properties at or below the $2140 FMR will find the Section 8 program a viable and stable source of tenants.
Verdict: Section 8 is a solid option for landlords in North Miami, FL, given the high market rents and median home values relative to the local income levels.
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.