Location: West Palm Beach-Boca Raton, FL | Metro: West Palm Beach-Boca Raton, FL HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,540 |
| 1 Bedroom | $1,620 |
| 2 Bedrooms | $1,900 |
| 3 Bedrooms | $2,470 |
| 4 Bedrooms | $2,850 |
| 5 Bedrooms | $3,306 |
| 6 Bedrooms | $3,703 |
| 7 Bedrooms | $3,999 |
| 8 Bedrooms | $4,199 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,900 | $322,907 | 0.59% | F |
| 3BR | $2,470 | $452,775 | 0.55% | F |
| 4BR | $2,850 | $511,617 | 0.56% | F |
U.S. Census Bureau data (2024)
The ZIP code 33403, located in Lake Park, FL, presents a challenging rental market scenario for potential tenants. The median household income stands at $70,646, while the market rate for rent is pegged at $2,177 per month (ZORI). This places a significant burden on residents, who would need to allocate nearly 37% of their annual income towards rent alone. Such a high percentage could strain budgets, leaving little room for other essential expenses.
In contrast, the Housing Choice Voucher program offers a more affordable option. The Fair Market Rent (FMR) for the zip code in fiscal year 2024 is set at $1,900, which is below the market rate. This means that voucher holders could secure housing at a cost that is more in line with their financial capabilities. For a household earning the median income, the voucher payment standard represents a more manageable expense, accounting for approximately 32% of their annual income.
Lake Park has a substantial rental market, with 52.8% of the population being renters and a total population of 14,370. Given these numbers, the affordability gap between the market rate and the voucher standard is likely to impact competition among landlords. Those who accept vouchers will have access to a steady stream of tenants who can afford the lower rates, but they may also face limitations in rent increases and property standards required by the voucher program.
Landlords considering their strategy should weigh the benefits and drawbacks of accepting vouchers versus relying on cash-paying tenants. Accepting vouchers guarantees a stable income and a reliable tenant pool, albeit at lower rates. Cash-paying tenants might offer higher rents, but the competition and vacancy risks are greater due to the high cost of living relative to income levels. In summary, landlords in ZIP 33403 must decide whether to prioritize steady occupancy with voucher tenants or aim for higher rental yields with cash-paying residents, recognizing the financial constraints faced by many local households.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.