Location: Miami-Miami Beach-Kendall, FL | Metro: Miami-Miami Beach-Kendall, FL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,890 |
| 1 Bedroom | $3,140 |
| 2 Bedrooms | $3,800 |
| 3 Bedrooms | $4,860 |
| 4 Bedrooms | $5,560 |
| 5 Bedrooms | $6,450 |
| 6 Bedrooms | $7,224 |
| 7 Bedrooms | $7,802 |
| 8 Bedrooms | $8,192 |
U.S. Census Bureau data (2024)
The ZIP code 33194 stands out due to its unique demographic and economic characteristics. With a population of 8,069 residents, it has a rental rate of 24.1%, indicating a moderate reliance on rented properties. The median income in this area is $126,250, which is relatively high compared to many other ZIP codes. Additionally, the median home value is $574,674, reflecting a significant investment in property ownership.
When it comes to Section 8 vouchers, the Fair Market Rent (FMR) for ZIP 33194 in fiscal year 2024 is set at $3,310. This figure is notably higher than the average market rent of $2,728, as reported by the Census Bureau's American Community Survey. Landlords and small-portfolio investors can leverage this difference to their advantage, ensuring that they receive a fair market rate for their rentals while still participating in the Section 8 program.
The data signature for ZIP 33194 reads as stable. The relatively high median income and home values suggest a strong local economy and a population that is financially secure. Furthermore, the modest rental rate indicates that homeownership is still a prevalent choice among residents. These factors combined provide a solid foundation for landlords and investors looking to enter or maintain a presence in this market.
Data Sources: FMR data from HUD (2027). 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.