Section 8 Fair Market Rent (FMR) for ZIP 33429 - 2027

FY 2027 Fair Market Rent Rates

The median household income for ZIP 33429, located in Boca Raton, FL, is $48,429. This figure is slightly above the state average but indicates a working-class earning profile. The median rent in this area is $1,345, which is notably higher than the median household income suggests would be affordable.

Comparing the median rent of $1,345 to the voucher payment standard of FMR $2230 for ZIP 33429 in fiscal year 2024, it becomes evident that there is a significant affordability gap. Households relying solely on their income cannot comfortably cover the market rate rent, making the voucher program a crucial support mechanism for many tenants.

Boca Raton has a population of 43,429 residents, with a substantial portion being renters. Given the higher-than-average rent and the median income level, landlords face competition from those offering units within the reach of voucher payments. This means that landlords who accept vouchers might secure longer-term tenancies and a more stable income compared to those who rely on cash-paying tenants who may struggle to meet market rates.

Takeaway for Landlords: Accepting vouchers can be a strategic move in ZIP 33429. It aligns with the financial capabilities of a larger segment of the population, potentially reducing vacancy rates and tenant turnover. While the immediate cash flow might seem less attractive, the long-term stability and government-backed payments make this approach viable for landlords looking to sustain their investments in a competitive market.

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.