Section 8 Fair Market Rent (FMR) for ZIP 33322 - 2027

Investment Score for ZIP 33322

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	$2,020
1 Bedroom	$2,180
2 Bedrooms	$2,660
3 Bedrooms	$3,630
4 Bedrooms	$4,200
5 Bedrooms	$4,872
6 Bedrooms	$5,457
7 Bedrooms	$5,894
8 Bedrooms	$6,189

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	$2,180	$77,253	2.82%	A+
2BR	$2,660	$142,610	1.87%	A+
3BR	$3,630	$486,958	0.75%	D
4BR	$4,200	$698,857	0.6%	D
5BR	$4,872	$823,962	0.59%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 33322 (Sunrise, FL) #### Section 8 Voucher Dynamics In ZIP code 33322, the Fair Market Rent (FMR) for a two-bedroom apartment is set at $2730 per month. This figure represents 45.7% of the median household income of $71,755, indicating that it is relatively affordable for the average resident. However, when comparing FMR to actual rents, there is a significant discrepancy. The Zillow median price for a two-bedroom home in this area is $145,007, which translates to a price-to-FMR ratio of 4.4x. This suggests that actual rental prices are much higher than the FMR, creating a challenging environment for Section 8 voucher holders. They are constrained by the FMR limits, which may not cover the true cost of renting in the area. As a result, landlords who accept Section 8 vouchers must be willing to rent below market rates, which can impact their profitability. #### Affordability & Renter Profile The renter population in ZIP code 33322 is relatively small, accounting for only 17.9% of the total population of 41,128. This indicates that the majority of residents are homeowners, suggesting a tighter rental market. With an occupancy rate of 89.0%, the demand for rental properties is high, but the supply is limited. Given the high median household income and the fact that actual rents are significantly above the FMR, the typical renter in this area likely has a higher income level than the median. This makes it difficult for low-income families to find affordable housing, especially those relying on Section 8 vouchers. The gap between FMR and actual rents highlights the affordability challenges faced by lower-income renters in this market. #### Investor Angle From an investor perspective, the ZIP code 33322 presents a mixed picture. While the median household income is relatively high at $71,755, the actual rental prices far exceed the FMR. For instance, a two-bedroom apartment with a Zillow median price of $145,007 would typically rent for around $1208 per month (assuming a 1% monthly rent). However, the FMR for a two-bedroom unit is $2730, which is less than half of the Zillow median price. This means that investors who rely solely on FMR to determine rental pricing will struggle to achieve positive cash flow. To evaluate the investment grade, we need to consider the potential for vacancy and the overall demand for rental units. Given the high occupancy rate and limited supply, there is strong demand for rental properties. However, the challenge lies in finding tenants who can afford the higher rents without relying on subsidies. Investors should carefully assess the local rental market dynamics and consider diversifying their tenant base beyond just Section 8 voucher holders to ensure financial stability. #### Specific Actionable Insights 1. **Focus on Smaller Units**: Given the high price-to-FMR ratio, investors should focus on smaller units such as one-bedroom apartments. The FMR for a one-bedroom unit is $2220, which is still significantly lower than the actual market rents but offers a better chance of attracting tenants who can pay closer to market rates. Additionally, the demand for smaller units tends to be more stable due to their broader appeal. 2. **Consider Mixed-Income Developments**: To mitigate the risk of relying solely on Section 8 vouchers, investors could explore developing mixed-income housing projects. This approach involves offering a mix of subsidized and market-rate units within the same building or complex. By doing so, investors can balance the lower rents from voucher holders with higher rents from market-rate tenants, ensuring overall financial viability. 3. **Target Areas with Higher Renter Concentration**: Within ZIP code 33322, there might be pockets with higher concentrations of renters. Identifying these areas through detailed market research can help investors target locations where the demand for rental properties is even stronger. This could potentially lead to higher occupancy rates and better cash flow. #### Bottom Line Given the high price-to-FMR ratio and the limited number of renters relative to homeowners, ZIP code 33322 is not an ideal market for Section 8-focused investors. The primary constraint is the difficulty in achieving positive cash flow due to the significant gap between FMR and actual market rents. Therefore, the recommendation for investors is to **Skip** this ZIP code unless they can adopt strategies like focusing on smaller units or developing mixed-income projects. These adjustments might make the market more viable, but the overall conditions suggest that other areas with a higher concentration of renters and a closer alignment between FMR and actual rents would be more attractive for Section 8 investments.

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.