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 analysis of ZIP code 33256 within the Miami-Miami Beach-Kendall, FL HUD Metro FMR Area reveals several key points for real estate investors.
Firstly, regarding the rent math, the Family Monthly Median Rent (FMR) for ZIP 33256 in fiscal year 2024 is set at $2320. However, due to the lack of specific market rent data, it's impossible to definitively state whether the rent math works. Investors must consider that the FMR is designed to reflect average rental costs in the area, but without precise market figures, comparing against actual rental rates is speculative.
Secondly, on the affordability of acquisitions, the data is insufficient to make a clear determination. The median home value, days on market (DOM), and percentage of homes needing price cuts are all marked as 'N/A'. This absence of data makes it difficult to assess how affordable property acquisitions would be for investors looking to enter the market in ZIP 33256.
Thirdly, concerning tenant demand, the population figure and the percentage of renters in the area are also unavailable. Without these numbers, it's challenging to gauge the potential occupancy rates and the stability of rental income in this ZIP code.
Verdict: While ZIP 33256 offers a Family Monthly Median Rent (FMR) of $2320 for fiscal year 2024, providing a benchmark for rental pricing, the lack of detailed market data such as median home values, days on market, percentage of price cuts, population, and renter share percentages means that a thorough analysis cannot be completed. Investors should seek additional local real estate and demographic data to fully understand the potential returns and risks associated with investing in this area.
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.