Section 8 Fair Market Rent (FMR) for ZIP 33169 - 2027

Investment Score for ZIP 33169

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	$1,740
1 Bedroom	$1,890
2 Bedrooms	$2,280
3 Bedrooms	$2,910
4 Bedrooms	$3,330
5 Bedrooms	$3,863
6 Bedrooms	$4,327
7 Bedrooms	$4,673
8 Bedrooms	$4,907

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	$1,890	$127,103	1.49%	A
2BR	$2,280	$209,764	1.09%	B
3BR	$2,910	$487,585	0.6%	F
4BR	$3,330	$528,820	0.63%	D
5BR	$3,863	$706,071	0.55%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 33169 (Miami Gardens, FL) #### Section 8 Voucher Dynamics In ZIP code 33169, the Fair Market Rent (FMR) for a two-bedroom apartment is set at $2170 per month for 2026. This represents 41.6% of the median household income of $62,562, indicating that it is a significant portion of what residents can afford. However, the actual rent for a two-bedroom unit is typically higher, with Zillow reporting a median price of $207,353, which translates into a monthly rental cost of approximately $1728 based on a standard mortgage calculation. The price-to-FMR ratio is 8.0x, suggesting that the median home value is significantly higher than the FMR, making it challenging for voucher holders to find suitable housing within their budget. Specifically, voucher holders would struggle to find two-bedroom units priced at $2170 or less, given the higher actual rental costs. #### Affordability & Renter Profile The ZIP code has a population of 43,702, with 47.1% being renters. This high percentage indicates a strong demand for rental properties. The occupancy rate of 91.8% suggests that the market is relatively tight, with few vacant units available. Given the median household income of $62,562, the majority of renters likely fall into the middle to lower-middle class category. They would be looking for affordable housing options, which are constrained by the high actual rental costs compared to the FMR. This mismatch between FMR and actual rents could lead to increased competition among voucher holders and other low-income renters for the limited affordable units. #### Investor Angle From an investor perspective, the ZIP code presents a mixed picture. While the actual rental costs are higher than the FMR, the cash flow potential at FMR levels is questionable. A two-bedroom unit priced at $2170 per month would need to cover expenses such as property taxes, insurance, maintenance, and mortgage payments if the property is financed. Assuming a conservative estimate of $1000 per month for these expenses, the net cash flow would be around $1170 per month. However, given the price-to-FMR ratio of 8.0x, it is unlikely that many properties will be listed at or below the FMR, reducing the number of opportunities for cash-flow positive investments. The investment grade for this ZIP code would be moderate to low, primarily due to the high actual rental costs and the limited availability of properties that fit within the FMR guidelines. Additionally, the high competition for affordable units means that investors who focus solely on Section 8 vouchers might face challenges in attracting and retaining tenants. #### Specific Actionable Insights 1. **Focus on Smaller Units**: Given the high actual rental costs, investors should consider focusing on smaller units like one-bedroom apartments, which have an FMR of $1780. This is still a significant portion of the median income but might offer better chances of finding properties within the FMR range. Additionally, the demand for smaller units is likely to be higher due to the tight market conditions. 2. **Target Properties Below Zillow Median**: Investors should actively seek out properties that are below the Zillow median price of $207,353. This would allow them to potentially list units at or near the FMR, thereby maximizing the chances of attracting Section 8 voucher holders. For instance, a two-bedroom unit priced at $180,000 would have a monthly rental cost of about $1500, which is well below the FMR of $2170. 3. **Consider Renovation Projects**: Investing in properties that require renovation can be a strategic move. By purchasing homes at a lower price point and renovating them to meet modern standards, investors can increase the rental value while still keeping it within the FMR range. This approach can also help in attracting tenants who are willing to pay slightly above the FMR but still within their budget. #### Bottom Line For Section 8-focused investors, the recommendation for ZIP code 33169 is to **Skip**. The high actual rental costs and the tight market make it difficult to find properties that are both affordable and profitable. While there is a significant demand for rental properties, the mismatch between FMR and actual rents limits the opportunities for cash-flow positive investments. Investors should look for areas where the actual rental costs are closer to the FMR or where there is a larger supply of affordable units. However, if investors are willing to take a broader approach and consider non-Section 8 tenants, they might find more opportunities in this ZIP code. The high occupancy rate and strong rental demand suggest that there is potential for positive cash flow in properties that can be rented at or near the actual market rates.

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.