Section 8 Fair Market Rent (FMR) for ZIP 33175 - 2027

Investment Score for ZIP 33175

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	$2,150
1 Bedroom	$2,330
2 Bedrooms	$2,820
3 Bedrooms	$3,600
4 Bedrooms	$4,120
5 Bedrooms	$4,779
6 Bedrooms	$5,352
7 Bedrooms	$5,780
8 Bedrooms	$6,069

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	$2,330	$206,168	1.13%	B
2BR	$2,820	$311,259	0.91%	C
3BR	$3,600	$604,190	0.6%	F
4BR	$4,120	$831,730	0.5%	F
5BR	$4,779	$1,176,784	0.41%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 33175 (Tamiami, FL) #### Section 8 Voucher Dynamics In ZIP code 33175, the Fair Market Rent (FMR) for a two-bedroom unit is set at $2,720 per month for the year 2026. This figure represents 41.9% of the median household income in the area, which stands at $77,841. However, it is important to note that the actual rental prices can be significantly higher. For instance, the Zillow median price for a two-bedroom property is $311,527, which translates into a monthly rent of approximately $2,600 based on typical mortgage payments. Given the price-to-FMR ratio of 9.5x, it is evident that the actual rents in Tamiami, FL, are well above the FMR levels. This means that voucher holders face significant constraints in finding affordable housing. The FMR is designed to ensure that voucher holders can afford housing without spending more than 30% of their income on rent. However, with the actual rents being so high, many voucher holders may struggle to find units that fall within their budget. For example, a voucher holder would need to find a two-bedroom unit priced at or below $2,720 to avoid exceeding their voucher amount. #### Affordability & Renter Profile The population of ZIP code 33175 is 48,237, with 21.2% of residents being renters. The occupancy rate of 96.1% suggests that the rental market is relatively tight, indicating a strong demand for rental properties. Given the median household income of $77,841, the majority of residents are likely middle-class families who can afford the higher rental prices. However, the 21.2% of renters who rely on the limited supply of affordable housing could face challenges in finding suitable accommodation. The high price-to-FMR ratio of 9.5x indicates that the market is not particularly affordable for low-income households. With the median rent for a two-bedroom unit being nearly 10 times the FMR, it is clear that the market is skewed towards higher-income individuals and families. This tight market condition makes it difficult for lower-income renters to secure housing, especially those who depend on government assistance like Section 8 vouchers. #### Investor Angle From an investor perspective, the ZIP code 33175 presents both opportunities and challenges. The FMR for a two-bedroom unit is $2,720, but the actual rental prices are much higher, with the Zillow median suggesting a potential rent of around $2,600 per month. This implies that investors might be able to achieve cash flow positive outcomes if they can acquire properties at or below the FMR levels. However, given the high price-to-FMR ratio, it is unlikely that many properties will be available at such low prices. The investment grade for this ZIP code would be considered moderate due to the tight rental market and the high demand for housing. While there is a strong likelihood of finding tenants willing to pay the higher rents, the challenge lies in acquiring properties at a price that allows for reasonable returns. Investors should carefully consider the cost of acquisition and the potential rental income before making any decisions. #### Specific Actionable Insights 1. **Target Affordable Housing Units**: Investors should focus on acquiring properties that are priced close to the FMR levels. For example, a two-bedroom unit priced at $2,720 or slightly above would be more attractive to voucher holders and potentially easier to manage. This strategy can help mitigate the risk of vacancy and ensure steady cash flow. 2. **Consider Multi-Family Properties**: Given the high occupancy rate of 96.1%, multi-family properties might offer better investment opportunities. These properties can provide economies of scale and diversify tenant risk. An investor could look for a multi-unit building where the average rent per unit is closer to the FMR, thereby attracting a broader range of tenants, including those with Section 8 vouchers. 3. **Engage with Local Real Estate Agents**: To gain a deeper understanding of the local rental market, investors should engage with local real estate agents who have firsthand knowledge of the area. They can provide insights into the availability of affordable units and the specific needs of voucher holders in the region. #### Bottom Line For Section 8-focused investors, the recommendation for ZIP code 33175 would be to **Hold** or **Skip**. The high price-to-FMR ratio and the tight rental market make it challenging to find properties that are truly affordable for voucher holders. Additionally, the limited percentage of renters (21.2%) and the high occupancy rate suggest that the market is already saturated with demand, leaving little room for new affordable units to enter. Therefore, unless investors can find properties priced at or near the FMR levels, it may be more prudent to hold off on investing in this ZIP code until more affordable units become available.

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.