Section 8 Fair Market Rent (FMR) for ZIP 33193 - 2027

Investment Score for ZIP 33193

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	$1,970
1 Bedroom	$2,140
2 Bedrooms	$2,590
3 Bedrooms	$3,310
4 Bedrooms	$3,790
5 Bedrooms	$4,396
6 Bedrooms	$4,924
7 Bedrooms	$5,318
8 Bedrooms	$5,584

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	$2,140	$200,585	1.07%	B
2BR	$2,590	$260,982	0.99%	C
3BR	$3,310	$507,747	0.65%	D
4BR	$3,790	$693,774	0.55%	F
5BR	$4,396	$845,977	0.52%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 33193 (Miami, FL) #### Section 8 Voucher Dynamics In ZIP code 33193, the Fair Market Rent (FMR) for a two-bedroom apartment is set at $2,620 per month for 2026. This figure represents 40.4% of the median household income of $77,839. However, the actual rental market in this area is significantly higher. The Zillow median price for a two-bedroom home is $264,344, which translates into a monthly rent that would be approximately $2,620 * 8.4 = $22,128 based on the price-to-FMR ratio. This suggests that the actual rents in the area are much higher than the FMR, making it challenging for Section 8 voucher holders to find suitable housing. The voucher program caps the amount that can be paid to landlords at the FMR levels, meaning that landlords who charge above these rates will not receive full payment from the voucher program. Therefore, voucher holders face significant constraints in finding affordable housing within the zip code. #### Affordability & Renter Profile The population of ZIP 33193 is 47,494, with 41.3% being renters. Given the occupancy rate of 97.2%, it indicates that there is a high demand for rental properties in this area. The median household income of $77,839 suggests that the majority of residents have a relatively stable financial situation, but the high rent-to-income ratio makes it difficult for many to afford housing without assistance. The tight market conditions imply that there is limited supply relative to demand, leading to higher rents and potentially fewer options for voucher holders. With the FMR for a three-bedroom apartment at $3,360, it becomes increasingly difficult for families to find affordable housing, especially considering that the actual rents are likely to be much higher due to the high price-to-FMR ratio. #### Investor Angle From an investor perspective, the ZIP code 33193 presents both opportunities and challenges. The FMRs provide a baseline for what the government will pay for rental units, but given the high actual rents, it is unlikely that investors will find cash-flow positive properties solely relying on FMRs. For instance, a two-bedroom unit priced at the FMR of $2,620 would need to generate additional income to cover costs such as property taxes, maintenance, and mortgage payments, if applicable. The high price-to-FMR ratio of 8.4x indicates that the market rents are far above the FMR, suggesting that investors might struggle to find properties that are both affordable and profitable for Section 8 tenants. #### Specific Actionable Insights 1. **Focus on Units Below FMR**: Investors should seek out properties where the rent is below the FMR, particularly for one-bedroom and two-bedroom units. For example, a one-bedroom unit renting for $2,150 or less could still attract tenants willing to pay the difference between the FMR and the actual market rate. This strategy would ensure that the property remains attractive to Section 8 voucher holders while also providing some flexibility in pricing. 2. **Consider Smaller Units**: Given the high cost-to-FMR ratio, smaller units like studios and one-bedroom apartments might be more feasible for Section 8 tenants. These units typically command lower rents, making them more likely to fall within the FMR guidelines. For instance, a studio renting for $1,970 or a one-bedroom unit renting for $2,150 would be fully covered by the voucher program, thus ensuring steady cash flow. 3. **Explore Government Programs**: Investors should explore other government programs that offer subsidies beyond just the Section 8 vouchers. For example, Low-Income Housing Tax Credits (LIHTC) or HOME Investment Partnerships Program grants might help offset the higher costs associated with owning properties in this area. These programs can provide additional financial support to make properties more affordable for low-income renters. #### Bottom Line Given the high actual rents compared to the FMR and the tight market conditions, the recommendation for Section 8-focused investors in ZIP code 33193 is to **Skip** this market. While there is a strong demand for rental properties, the likelihood of finding cash-flow positive units at FMR levels is slim. The high price-to-FMR ratio suggests that most properties in this area are priced well above the FMR, making it challenging to attract and retain Section 8 voucher holders. Additionally, the limited supply of affordable units means that competition for these properties is likely to be fierce, further complicating the investment landscape. However, if an investor is willing to explore alternative subsidy programs and is prepared to accept lower returns, they might consider holding properties in this area. But overall, the market dynamics in ZIP 33193 do not favor Section 8-focused investments seeking positive cash flow.

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.