Section 8 Fair Market Rent (FMR) for ZIP 33176 - 2027

Investment Score for ZIP 33176

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	$2,000
1 Bedroom	$2,170
2 Bedrooms	$2,620
3 Bedrooms	$3,350
4 Bedrooms	$3,830
5 Bedrooms	$4,443
6 Bedrooms	$4,976
7 Bedrooms	$5,374
8 Bedrooms	$5,643

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
1BR	$2,170	$208,026	1.04%	B
2BR	$2,620	$280,299	0.93%	C
3BR	$3,350	$634,728	0.53%	F
4BR	$3,830	$1,072,022	0.36%	F
5BR	$4,443	$1,771,353	0.25%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 33176 (Miami, FL) #### Section 8 Voucher Dynamics The Fair Market Rent (FMR) figures for ZIP code 33176 in Miami, FL, for 2026 indicate that the rent for a two-bedroom apartment is set at $2610. This represents 36.3% of the median household income of $86,354, which suggests that the rent is relatively affordable for the average resident. However, the actual rental market in the area can be quite different from these figures. According to Zillow, the median price for a two-bedroom home in this ZIP code is $286,724, which translates into a price-to-FMR ratio of 9.2x. This high ratio indicates that the actual rental costs in the market are significantly higher than the FMR, potentially creating a challenge for Section 8 voucher holders who must find units that do not exceed the FMR. For voucher holders, the constraints are clear: they can only afford apartments that are priced at or below the FMR. In ZIP 33176, this means finding a two-bedroom unit for $2610 or less. Given the high price-to-FMR ratio, it is likely that many landlords will not accept Section 8 vouchers due to the disparity between the FMR and the market rent. The FMRs for other bedroom types are as follows: - 0BR: $1960 - 1BR: $2140 - 3BR: $3350 - 4BR: $3870 These figures suggest that voucher holders have limited options, particularly for larger units, as the FMRs represent a smaller portion of the median household income. #### Affordability & Renter Profile ZIP 33176 has a population of 51,804, with 38.3% being renters. This indicates a significant demand for rental properties in the area. The occupancy rate of 93.9% further supports the notion that the market is tight, with few vacant units available. Given the high median household income of $86,354, the typical renter in this ZIP code is likely to be middle-class individuals or families who can afford higher rents. The high price-to-FMR ratio also suggests that there is a premium on rental properties, making it difficult for lower-income residents to find affordable housing. The tight market conditions mean that competition for rental units is fierce, and landlords can charge higher rents without fear of losing tenants. This dynamic makes it challenging for Section 8 voucher holders to find suitable housing, as landlords may prefer higher-paying tenants over those with vouchers. #### Investor Angle From an investor’s perspective, the key question is whether the ZIP code offers cash-flow positive opportunities at the FMR. The FMR for a two-bedroom unit is $2610, while the median market price is $286,724. To determine if this is cash-flow positive, we need to consider the potential rental income against the cost of ownership. Assuming a conservative estimate of a 5% annual return on investment, the expected monthly rental income would be approximately $2389. This is significantly lower than the FMR of $2610, indicating that investors could potentially earn a positive cash flow by renting to voucher holders. However, the high price-to-FMR ratio of 9.2x suggests that the initial investment required to purchase a property is much higher than the FMR, which could affect the overall profitability of the investment. Given the tight market conditions and the high demand for rental properties, the investment grade for this ZIP code is moderate to high. Investors should carefully evaluate the costs associated with property management, maintenance, and vacancy rates before making any investment decisions. #### Specific Actionable Insights 1. **Focus on Smaller Units**: Given the high price-to-FMR ratio, investors should focus on acquiring smaller units such as one-bedroom or studio apartments. These units have lower FMRs ($2140 and $1960 respectively), which might make them more attractive to landlords who are willing to accept Section 8 vouchers. Additionally, smaller units tend to have higher occupancy rates, reducing the risk of vacancies. 2. **Consider Multi-Family Properties**: Multi-family properties can offer better economies of scale and potentially higher returns. By targeting multi-family buildings with multiple one-bedroom or studio units, investors can diversify their tenant base and reduce the impact of any single tenant leaving. For example, a four-unit building with one-bedroom apartments could generate a total monthly rental income of $8560, which is still below the median market price but offers a more stable cash flow. 3. **Engage with Local Real Estate Agents**: Local real estate agents can provide valuable insights into the market dynamics and help identify properties that are more likely to be accepted by voucher holders. They can also assist in navigating the local regulations and requirements for accepting Section 8 vouchers, which can vary widely by location. #### Bottom Line For Section 8-focused investors, the recommendation for ZIP 33176 is to **Hold**. While the high price-to-FMR ratio poses challenges, the strong demand for rental properties and the tight market conditions suggest that there are opportunities for cash-flow positive investments, particularly in smaller units. However, investors should proceed with caution, carefully evaluating the costs and benefits of each potential investment to ensure long-term profitability. Engaging with local real estate professionals and focusing on properties that align with the FMR guidelines can help mitigate some of the risks associated with this market.

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.