Section 8 Fair Market Rent (FMR) for ZIP 33179 - 2027

Investment Score for ZIP 33179

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	$2,100
1 Bedroom	$2,280
2 Bedrooms	$2,760
3 Bedrooms	$3,530
4 Bedrooms	$4,040
5 Bedrooms	$4,686
6 Bedrooms	$5,248
7 Bedrooms	$5,668
8 Bedrooms	$5,951

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	$2,280	$136,514	1.67%	A+
2BR	$2,760	$203,423	1.36%	A
3BR	$3,530	$478,733	0.74%	D
4BR	$4,040	$765,667	0.53%	F
5BR	$4,686	$1,608,954	0.29%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 33179 (Ives Estates, FL) #### Section 8 Voucher Dynamics In ZIP code 33179, the Fair Market Rent (FMR) for a two-bedroom unit is set at $2,670 per month. This amount represents 49.1% of the median household income in the area, which stands at $65,211. The actual rent for a two-bedroom unit, however, is significantly lower at $2,190 per month. This discrepancy means that voucher holders can afford units that are slightly below the FMR, but they still face constraints due to the high cost relative to their income. For instance, a voucher holder with a household income of $65,211 would need to spend nearly half of their income on rent alone, leaving little room for other expenses. #### Affordability & Renter Profile The population of Ives Estates is 51,591, with 43.3% being renters. This indicates a substantial rental market, suggesting that there is a significant demand for affordable housing. Given the occupancy rate of 91.1%, it appears that the market is relatively tight, with few vacant units available. The median household income of $65,211 suggests that many residents are middle-class, but the high rent-to-income ratio makes housing affordability a challenge. The Zillow median price for a two-bedroom home is $206,485, which translates to a price-to-FMR ratio of 6.4x. This high ratio implies that the market is overpriced compared to the rental value, making it difficult for low-income households to purchase homes. #### Investor Angle From an investor perspective, the ZIP code 33179 presents a mixed picture. While the FMR for a two-bedroom unit is $2,670, the actual rent is $2,190, indicating that properties may be undervalued in terms of rental income. However, the high price-to-FMR ratio suggests that purchasing properties in this area could be costly relative to their rental potential. To determine if this ZIP code is cash-flow positive at FMR, we need to consider the costs of ownership, including mortgage payments, property taxes, insurance, maintenance, and utilities. Assuming a conservative estimate of these costs, let’s say the total monthly expense is around $2,000. At the FMR of $2,670, an investor would have a positive cash flow of approximately $670 per month, before accounting for any capital appreciation. The investment grade in this ZIP code would depend on the balance between rental income and property costs. Given the tight market and high occupancy rates, there is likely a steady demand for rentals, which could support higher rents. However, the high price-to-FMR ratio indicates that the purchase price may not be justified by the rental income alone. Therefore, while the ZIP code offers some positive cash flow opportunities, the overall investment grade is moderate due to the high acquisition costs. #### Specific Actionable Insights 1. **Focus on One-Bedroom Units**: The FMR for a one-bedroom unit is $2,190, which aligns closely with the actual rent in the area. Investing in one-bedroom units could provide a more balanced cash flow scenario, given the lower acquisition costs compared to larger units. Additionally, the demand for smaller units might be higher among single individuals or couples who are looking for affordable housing options. 2. **Consider Multi-Family Properties**: Given the high rent-to-income ratio, multi-family properties could offer a better return on investment. By diversifying the tenant base across multiple units, the risk of vacancy is reduced, and the overall cash flow can be optimized. A multi-family property with several one-bedroom units could potentially generate a higher net income than a single two-bedroom unit. #### Bottom Line For Section 8-focused investors, the recommendation for ZIP code 33179 is **Hold**. While there are opportunities for positive cash flow, especially with one-bedroom units, the high price-to-FMR ratio makes it challenging to justify the purchase price solely based on rental income. Investors should carefully evaluate the costs of ownership and consider the potential for capital appreciation before making any purchases. The tight market and high occupancy rates suggest that there is a strong demand for rental properties, but the high acquisition costs may not be immediately offset by rental income alone.

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.