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 |
ZIP code 33420, located within the West Palm Beach-Boca Raton, FL HUD Metro FMR Area, has a Fair Market Rent (FMR) of $2230 for fiscal year 2024. This figure is critical for landlords and small-portfolio investors who must adhere to HUD guidelines when participating in the Section 8 program.
The absence of specific market rent and home value data for ZIP 33420 makes direct comparisons challenging. However, based on the available FMR, we can infer that it aligns closely with the average rental costs in the broader West Palm Beach-Boca Raton area. The typical FMR for the entire metro area ranges around this figure, indicating that 33420 is neither significantly below nor above the regional average for subsidized housing rates.
A notable absence in the data is the percentage of renters in ZIP 33420. Typically, a high renter share combined with lower-than-average home values can signal a prime location for Section 8 properties. Since the renter share is unknown, we cannot definitively classify 33420 as a value pocket or a premium sub-market solely on this criterion. However, given the FMR, it suggests a mid-tier neighborhood status within the metro area.
To make a more informed decision, landlords and investors should consider conducting a local market analysis to determine if there are hidden value pockets or premium sub-markets within ZIP 33420. Comparing the $2230 FMR to nearby ZIP codes' FMRs can reveal whether 33420 stands out as a particularly attractive or unattractive investment within the larger West Palm Beach-Boca Raton region.
Investors should also look into the availability of Section 8 vouchers and the demand for affordable housing in the area. A higher concentration of voucher holders could increase the appeal of 33420 as a value pocket, especially if the local market rents are lower than the FMR. Conversely, if market rents exceed the FMR, it might indicate a premium sub-market where landlords can charge closer to market rates while still being within HUD guidelines.
In summary, ZIP 33420 appears to be a mid-tier neighborhood within the West Palm Beach-Boca Raton, FL HUD Metro FMR Area, based on its FMR of $2230. To identify whether it represents a value pocket or a premium sub-market, further investigation into local market rents and the percentage of renters is necessary.
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.