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 | $1,830 |
| 1 Bedroom | $1,990 |
| 2 Bedrooms | $2,400 |
| 3 Bedrooms | $3,070 |
| 4 Bedrooms | $3,510 |
| 5 Bedrooms | $4,072 |
| 6 Bedrooms | $4,561 |
| 7 Bedrooms | $4,926 |
| 8 Bedrooms | $5,172 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,400 | $445,308 | 0.54% | F |
| 3BR | $3,070 | $496,390 | 0.62% | D |
| 4BR | $3,510 | $626,833 | 0.56% | F |
| 5BR | $4,072 | $779,961 | 0.52% | F |
U.S. Census Bureau data (2024)
The Section 8 housing market in ZIP code 33170, located in Miami, Florida, presents a unique opportunity for landlords and small-portfolio investors. According to HUD Fair Market Rent (FMR) data for fiscal year 2024, the FMR for ZIP 33170 is set at $2070. This figure represents the maximum amount that a voucher tenant can pay towards their monthly rent. In comparison, the market rent as measured by Zillow's ZORI (Zestimate Owner Occupied Renter Index) stands at $2,793, indicating a significant gap between the two figures.
Voucher tenants in this area will only cash flow at the FMR level if they occupy premium units. The disparity between the FMR of $2070 and the market rent of $2,793 suggests that landlords must carefully select properties that offer value propositions justifying the higher rents. Typically, these would be well-maintained units with desirable amenities and locations that justify the rental premium over the HUD FMR.
The median home value in ZIP 33170 is $569,311. To derive the rent-to-price ratio, we can divide the median home value by the average annual rent. Using the market rent of $2,793, the annual rent is approximately $33,516, leading to a rent-to-price ratio of about 6%. This ratio indicates that the rental income generated from a property in this area is relatively low compared to the purchase price, suggesting that the primary benefit for investors might not be immediate cash flow but rather long-term stability or potential appreciation.
The data shows an N/A-day median DOM (Days on Market) and a 0.2% price-cut share, which implies that the local real estate market is robust and that homes are selling quickly without significant price adjustments. These factors suggest that the buy-versus-rent dynamics in the area favor owning property, especially for those who can leverage the Section 8 program effectively.
In summary, while cash flow may be limited due to the substantial difference between HUD FMR and market rents, the strong local real estate market and the potential for property appreciation make ZIP 33170 a compelling investment destination for Section 8 investors seeking stability and growth.
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.