Section 8 Fair Market Rent (FMR) for ZIP 33328 - 2027
Location: Fort Lauderdale, FL | Metro: Fort Lauderdale, FL HUD Metro FMR Area
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $2,110 |
| 1 Bedroom | $2,280 |
| 2 Bedrooms | $2,780 |
| 3 Bedrooms | $3,800 |
| 4 Bedrooms | $4,390 |
| 5 Bedrooms | $5,092 |
| 6 Bedrooms | $5,703 |
| 7 Bedrooms | $6,159 |
| 8 Bedrooms | $6,467 |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$126,380
Housing Authorities Serving ZIP 33328
To determine if you should buy in ZIP code 33328 (Davie, FL) for Section 8 investments, follow these steps:
- Step 1: Can FMR ($2470) cover the debt service on a property valued at $623,644?
- Yes: If your debt service (including mortgage, insurance, and taxes) is less than $2470 per month, then the Fair Market Rent (FMR) for Section 8 tenants can cover it. This makes the investment feasible under the program.
- No: If your debt service exceeds $2470 per month, then the FMR will not be sufficient to cover costs. This would make the investment unfeasible under the Section 8 program without additional non-Section 8 income sources.
- Step 2: Is the ZORI ($2,616) above, at, or below the FMR?
- Above: If the ZORI is higher than the FMR, then market conditions suggest that you could potentially get higher rents from non-Section 8 tenants. However, this also means fewer units may qualify for the Section 8 program due to rent restrictions.
- At or Below: If the ZORI is at or below the FMR, then Section 8 rents align well with market rates. This could mean steady occupancy and less risk of vacancy.
- Step 3: Do the 18.9% renters and 58-day DOM indicate sufficient demand?
- Yes: With 18.9% of the population renting and an average of 58 days on the market (DOM), there is moderate demand for rental properties. This suggests that finding tenants, including those eligible for Section 8, is reasonably achievable.
- No: If the demand is insufficient, consider other areas where the rental population percentage is higher or DOM is lower, indicating stronger demand.
- It Depends: The 18.9% rental rate is modest, but combined with a relatively low DOM of 58 days, it suggests that while demand isn't overwhelming, it is still present. You must weigh this against the potential risks and rewards of investing in a moderately demanded area.
In conclusion, if the FMR can cover your debt service, and if the ZORI aligns closely with the FMR, then the ZIP 33328 presents a reasonable opportunity for Section 8 investment given the moderate level of demand indicated by the rental population and DOM figures.
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.