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 ZIP code 33296, located in the Miami-Miami Beach-Kendall County area, stands out due to the lack of comprehensive data available regarding its resident population, rental percentages, median income, and median home values. This scarcity of detailed information can make it challenging for landlords and small-portfolio investors to assess the economic health and potential risks associated with the area.
Despite these data gaps, the Section 8 voucher program provides some insight into the rental market. The Fair Market Rent (FMR) for a studio apartment in ZIP 33296 for fiscal year 2024 is set at $2320. This figure serves as a benchmark for subsidized housing costs but does not reflect the actual market rates, which are currently unavailable. Landlords should be aware that the FMR is adjusted annually based on HUD's assessment of local rental markets and can provide a minimum threshold for rent when considering Section 8 tenants.
The absence of precise market data means that landlords and investors must rely on broader regional trends to inform their decisions. However, the FMR can still be a useful tool for setting rents within the context of the voucher program. It ensures that landlords receive a fair rate for their properties while also providing affordable housing options to eligible families.
Given the limited data available, it is difficult to classify ZIP 33296 as either stable or transitional. A stable ZIP code typically has consistent population growth, steady rental rates, and a predictable economic environment. Conversely, a transitional ZIP code might show signs of change such as fluctuating population numbers, varying rental prices, and evolving economic conditions. Without specific figures, landlords and investors must monitor other indicators such as property turnover rates, local development projects, and employment trends to gauge the direction of the area.
In conclusion, while the exact economic profile of ZIP 33296 remains unclear, the Section 8 voucher program offers a defined framework for rental pricing. Landlords should use the FMR of $2320 as a guideline for setting rents and consider the broader Miami market trends to make informed investment decisions. Continuous monitoring of the local environment will be key to understanding whether the ZIP code is moving towards stability or transition.
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.