Location: Miami-Miami Beach-Kendall, FL | Metro: Miami-Miami Beach-Kendall, FL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,950 |
| 1 Bedroom | $2,120 |
| 2 Bedrooms | $2,560 |
| 3 Bedrooms | $3,270 |
| 4 Bedrooms | $3,740 |
| 5 Bedrooms | $4,338 |
| 6 Bedrooms | $4,859 |
| 7 Bedrooms | $5,248 |
| 8 Bedrooms | $5,510 |
The economics of Section 8 housing in ZIP code 33234, which is located in Miami-Dade County, Florida, are crucial for landlords and small-portfolio investors to understand. The SAFMR (Small Area Fair Market Rent) for a two-bedroom apartment in this specific ZIP code for fiscal year 2024 is set at $2320. This figure represents the maximum amount that the housing authority will pay on behalf of a tenant receiving rental assistance.
To break down the actual payment structure, consider that the tenant is responsible for paying approximately 30% of their adjusted income towards rent. For instance, if a tenant's adjusted monthly income is $1500, they would pay $450 toward rent. The remainder, up to the SAFMR limit, is covered by the Section 8 voucher program. In this case, the housing authority would cover the difference between the tenant's contribution and the SAFMR, which is $1870.
In addition to the base rent, there are utility allowances that can vary based on the type of utilities included in the lease. For a two-bedroom apartment, these allowances might range from $200 to $400 per month, depending on the specific utility costs in the area. This allowance is also part of the total reimbursement package but is paid directly to the landlord along with the base rent reimbursement.
Given that the local market rent data is currently unavailable, it's important to compare the SAFMR against general market trends. Typically, market rents in the Miami-Dade County area are higher than the SAFMR, indicating that landlords may face a reimbursement gap. However, the exact gap cannot be determined without the current market rent data for ZIP 33234.
To summarize, a landlord participating in the Section 8 program for a two-bedroom apartment in ZIP 33234 would receive a total reimbursement of up to $2320 per month, including the tenant's direct payment and the utility allowance. The gap between this reimbursement and the actual market rent is likely, but the precise amount remains unknown due to missing local market rent data.
Data Sources: FMR data from HUD (2027).
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.