Section 8 Fair Market Rent (FMR) for ZIP 33428 - 2027

Investment Score for ZIP 33428

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	$2,450
1 Bedroom	$2,580
2 Bedrooms	$3,020
3 Bedrooms	$3,920
4 Bedrooms	$4,530
5 Bedrooms	$5,255
6 Bedrooms	$5,886
7 Bedrooms	$6,357
8 Bedrooms	$6,675

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	$2,580	$144,888	1.78%	A+
2BR	$3,020	$229,307	1.32%	A
3BR	$3,920	$514,394	0.76%	D
4BR	$4,530	$766,951	0.59%	F
5BR	$5,255	$1,131,268	0.46%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 33428 (Boca Raton, FL) #### Section 8 Voucher Dynamics The Fair Market Rent (FMR) for ZIP code 33428, as set by HUD for 2026, is $2820 for a two-bedroom unit. This represents 38.2% of the median household income in the area, which stands at $88,543. However, the actual rental market in Boca Raton is significantly higher. According to Zillow, the median price for a two-bedroom home is $231,745, translating into a rental rate that is approximately 6.8 times the FMR. This means that the typical rent for a two-bedroom unit is around $19,000 per year, or about $1583 per month based on the median home value. Given these figures, it is clear that there is a substantial gap between the FMR and the actual rental rates. For voucher holders, this means that they face significant constraints in finding affordable housing. The FMR of $2820 for a two-bedroom unit is far below what landlords would typically charge, making it challenging for voucher holders to find units that accept their vouchers without exceeding the payment standard. #### Affordability & Renter Profile ZIP code 33428 has a population of 47,588, with 33.4% of residents being renters. This indicates a relatively strong demand for rental properties, but the high rental rates suggest that the market is tight. The occupancy rate of 91.0% further supports this conclusion, as it shows that most available units are already occupied. The median household income of $88,543 suggests that the majority of residents have a relatively high income, which can support the high rental rates. However, for those who rely on Section 8 vouchers, the situation is much more challenging. With only 38.2% of the median income allocated towards a two-bedroom unit, many voucher holders will struggle to afford even the lower-end rentals in the area. #### Investor Angle From an investor perspective, the ZIP code 33428 presents both opportunities and challenges. The high rental rates indicate a potentially lucrative market, but the alignment with Section 8 FMRs is critical for cash flow. At the FMR of $2820 for a two-bedroom unit, investors would need to ensure that their costs are low enough to generate positive cash flow. Given the high property values and associated costs (such as property taxes, maintenance, and insurance), it is likely that the cash flow will be marginal at best when renting to voucher holders. To determine the investment grade, we must consider the overall market conditions and the likelihood of finding tenants willing to pay the FMR. In a tight market like Boca Raton, where the occupancy rate is 91.0%, there is a good chance that investors can fill their units. However, the challenge lies in finding tenants who can afford the FMR and landlords who are willing to accept Section 8 vouchers. #### 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, which have an FMR of $2380. This is still well below the median rental rate, but it provides a better chance of attracting tenants who can afford the FMR and landlords who are willing to accept vouchers. Additionally, the lower FMR for one-bedroom units can help mitigate some of the financial risks associated with higher-priced units. 2. **Consider Renovation Projects**: Investors might find more opportunities in older properties that require renovation. These properties often command lower rents and could be brought up to FMR standards through improvements. By targeting properties that are currently priced below the median rental rate, investors can create a more competitive offering for voucher holders while also generating potential appreciation in property value. 3. **Engage with Local Housing Authorities**: To increase the chances of finding tenants who can use Section 8 vouchers, investors should engage with local housing authorities. Understanding the processes and requirements for accepting vouchers can help streamline the leasing process and reduce the risk of vacancy. Additionally, working closely with housing authorities can provide insights into the availability of vouchers and the preferences of voucher holders in the area. #### Bottom Line Based on the data provided, the recommendation for Section 8-focused investors in ZIP code 33428 is to **Skip**. The high price-to-FMR ratio indicates that the rental market is significantly above the FMR levels, making it difficult for voucher holders to find suitable housing. While there is a strong demand for rental properties, the tight market and high costs associated with owning and maintaining properties in this area mean that cash flow will likely be negative or marginally positive at best. Investors looking to enter the Section 8 market in this ZIP code should carefully evaluate the financial viability of their investments and consider alternative markets with more favorable price-to-FMR ratios.

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.