Location: West Palm Beach-Boca Raton, FL | Metro: West Palm Beach-Boca Raton, FL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,910 |
| 1 Bedroom | $2,010 |
| 2 Bedrooms | $2,350 |
| 3 Bedrooms | $3,050 |
| 4 Bedrooms | $3,520 |
| 5 Bedrooms | $4,083 |
| 6 Bedrooms | $4,573 |
| 7 Bedrooms | $4,939 |
| 8 Bedrooms | $5,186 |
The ZIP code 33416 is located in West Palm Beach, FL, and it primarily serves as a postal hub through PO Box services. Due to its nature as a PO Box ZIP code, there is limited demographic data available. However, it is known that the Fair Market Rent (FMR) for a 1-bedroom apartment in ZIP code 33416 for fiscal year 2024 is set at $2230.
The absence of detailed demographic data makes it challenging to paint a comprehensive picture of the neighborhood. Nonetheless, the FMR figure can serve as a benchmark for assessing the economic viability of properties in this area. Given that FMRs are used to determine the maximum rental assistance payment standards for the Housing Choice Voucher program (commonly known as Section 8), landlords and small-portfolio investors should be aware of this figure when setting rents for their properties.
Considering the hands-off approach versus a hands-on value-add strategy, ZIP code 33416 seems better suited for a hands-off voucher operator. The lack of detailed local market rent data suggests that the area may not have significant fluctuations in rental prices, making it easier to manage properties without requiring extensive market analysis or active property management. Landlords can rely on the FMR to guide their pricing strategies, ensuring they remain competitive while receiving stable rental income.
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.