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 | $1,980 |
| 1 Bedroom | $2,150 |
| 2 Bedrooms | $2,600 |
| 3 Bedrooms | $3,320 |
| 4 Bedrooms | $3,800 |
| 5 Bedrooms | $4,408 |
| 6 Bedrooms | $4,937 |
| 7 Bedrooms | $5,332 |
| 8 Bedrooms | $5,599 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $2,150 | $204,406 | 1.05% | B |
| 2BR | $2,600 | $278,883 | 0.93% | C |
| 3BR | $3,320 | $530,452 | 0.63% | D |
| 4BR | $3,800 | $710,719 | 0.53% | F |
U.S. Census Bureau data (2024)
The economics of Section 8 housing in ZIP code 33174, Fountainbleau, Florida, within Miami-Dade County, operate under specific parameters. The SAFMR (Small Area Fair Market Rent) for a two-bedroom apartment in this ZIP code for FY 2024 is set at $2210. This figure is crucial as it represents the maximum amount the government will pay toward a tenant's rent subsidy in this specific area.
In contrast, the local market rent for a similar two-bedroom unit, as measured by ZORI (Zillow Observed Rent Index), is $2,646. This difference between the SAFMR and the local market rent is a key consideration for landlords who are deciding whether to accept Section 8 tenants.
A Section 8 voucher works by covering the majority of a tenant’s rent, with the tenant themselves paying a portion based on their income. Typically, the tenant is required to contribute 30% of their adjusted monthly income toward rent. For simplicity, let’s assume the tenant’s income is such that their contribution aligns with the SAFMR limit. In this scenario, the tenant would pay around $663, which is 30% of the SAFMR ($2210).
The remaining portion of the rent is subsidized by the government, up to the SAFMR limit. Therefore, if a landlord charges $2210, the government would cover the difference between the tenant’s payment and the total rent. However, if the landlord sets the rent higher than $2210, they will not receive additional funds from the government subsidy. Instead, the landlord must decide whether to absorb the difference or seek a non-voucher tenant willing to pay the higher rent.
Additionally, landlords should be aware of utility allowances. These allowances are meant to cover a portion of the tenant’s utilities and vary by location and size of the unit. In ZIP 33174, the utility allowance for a two-bedroom apartment is typically included in the SAFMR calculation, meaning it is already factored into the $2210 maximum subsidy.
To summarize, in ZIP 33174, a landlord accepting a Section 8 tenant for a two-bedroom apartment can expect the government to reimburse up to $2210 per month. If the local market rent is higher at $2,646, the landlord faces a reimbursement gap of $436 per month unless they are willing to lower their rent to match the SAFMR or find another way to fill this gap. Conversely, if the landlord sets their rent below the SAFMR, there would be no gap, and potentially a surplus if the rent is significantly lower.
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.