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 | $2,320 |
| 1 Bedroom | $2,520 |
| 2 Bedrooms | $3,050 |
| 3 Bedrooms | $3,900 |
| 4 Bedrooms | $4,460 |
| 5 Bedrooms | $5,174 |
| 6 Bedrooms | $5,795 |
| 7 Bedrooms | $6,259 |
| 8 Bedrooms | $6,572 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $3,050 | $482,810 | 0.63% | D |
| 3BR | $3,900 | $642,269 | 0.61% | D |
| 4BR | $4,460 | $767,300 | 0.58% | F |
| 5BR | $5,174 | $972,538 | 0.53% | F |
U.S. Census Bureau data (2024)
The ZIP code 33187 in Miami, FL, presents a dynamic real estate market that is indicative of strong demand. The Fair Market Rent (FMR) for the area stands at $3360 for the fiscal year 2024, which is notably higher than the reported market rent of $2,164 based on the Census ACS data. This discrepancy suggests that the government's estimate of what constitutes fair rent is higher than what tenants are currently paying, pointing towards potential upward pressure on rental rates.
The median home value in ZIP 33187 is $714,835. Despite this relatively high figure, only 0.2% of listings are experiencing price cuts, which is an extremely low percentage. This indicates that homes in this area are selling close to their asking prices, suggesting a robust seller's market where demand likely exceeds supply.
The 8.0% renter share in the area is intriguing. While it might seem low compared to other urban areas, it actually signals a significant long-term housing pressure. With such a high proportion of homeownership, any increase in demand for rentals can lead to a rapid rise in rental prices and a tightening of the rental market. This is particularly true given the strong economic activity and tourism in Miami, which can drive up demand for short-term rentals and create competition for long-term rentals.
The low Days on Market (DOM) figure, although not explicitly stated, would typically be associated with a fast-moving market where homes are quickly sold, further supporting the notion of a demand-driven environment. However, the lack of a specific DOM value means we cannot conclusively state the speed at which properties are moving, but the context of the other data points implies a brisk pace.
In summary, ZIP 33187 appears to be a market where demand is robust and potentially outpacing supply, especially in the rental sector. The low price-cut share and high median home value suggest a favorable climate for sellers, while the renter share hints at underlying pressures that could affect future rental dynamics.
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.