Section 8 Fair Market Rent (FMR) for ZIP 33433 - 2027

Investment Score for ZIP 33433

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	$2,340
1 Bedroom	$2,460
2 Bedrooms	$2,880
3 Bedrooms	$3,740
4 Bedrooms	$4,320
5 Bedrooms	$5,011
6 Bedrooms	$5,612
7 Bedrooms	$6,061
8 Bedrooms	$6,364

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	$2,460	$176,293	1.4%	A
2BR	$2,880	$298,505	0.96%	C
3BR	$3,740	$537,171	0.7%	D
4BR	$4,320	$893,497	0.48%	F
5BR	$5,011	$1,608,729	0.31%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 33433 (Boca Raton, FL) #### Section 8 Voucher Dynamics The Fair Market Rent (FMR) for ZIP code 33433, as per the 2026 data, is set at $3,050 for a two-bedroom unit, which represents 43.5% of the median household income of $84,091. However, the actual rent prices in the area significantly exceed these figures. The Zillow median price for a two-bedroom unit is $297,806, translating to a price-to-FMR ratio of 8.1x. This means that the average rent for a two-bedroom unit would be approximately $2,470 per month, which is higher than the FMR of $3,050. Given this disparity, voucher holders face significant constraints. They can only afford units up to the FMR, which is lower than the market rate. Consequently, voucher holders may struggle to find suitable housing options within their budget, especially considering the high occupancy rate of 88.7%. This suggests that there is limited availability of affordable units, making it challenging for voucher holders to secure housing. #### Affordability & Renter Profile ZIP code 33433 has a population of 47,005, with 30.7% being renters. Given the median household income of $84,091 and the high price-to-FMR ratio, the rental market is relatively tight. The median rent for a two-bedroom unit is $2,470, which is 29.4% of the median household income. This indicates that while the market is not oversupplied, it is also not extremely tight, but rather balanced with a slight lean towards being expensive. The renter profile in this area likely includes individuals and families who are middle-income earners, possibly working in professional services or other high-paying industries common in Boca Raton. However, the high rent prices relative to income suggest that many renters may be facing financial strain. Additionally, the 30.7% renter percentage implies that a substantial portion of the population is already renting, further indicating a competitive rental market. #### Investor Angle From an investor perspective, the ZIP code 33433 offers mixed opportunities. The FMR for a two-bedroom unit is $3,050, which is lower than the market rent of $2,470. However, the FMR is designed to ensure affordability for low-income households, and the actual market rent is higher. For investors focusing on Section 8 vouchers, the cash flow would be based on the FMR, not the market rent. Therefore, the potential cash flow at FMR would be less than what could be achieved by renting to market-rate tenants. The investment grade for this ZIP code can be considered moderate. While the occupancy rate is high at 88.7%, indicating strong demand, the tightness of the rental market and the disparity between FMR and actual rents suggest that investors might need to be selective about their properties. Units that are well-maintained, located in desirable areas, and priced close to the FMR are more likely to attract Section 8 voucher holders. #### Specific Actionable Insights 1. **Focus on Lower-Rent Properties**: Investors should consider acquiring properties that are priced closer to the FMR levels. For example, a three-bedroom unit with a rent of $3,950 would be more attractive to voucher holders compared to a two-bedroom unit with a rent of $2,470. This strategy could help in securing long-term tenants and maintaining steady cash flow. 2. **Target Affordable Neighborhoods**: Within ZIP code 33433, there may be pockets where rents are closer to the FMR. Identifying and targeting these neighborhoods can increase the likelihood of finding tenants who use Section 8 vouchers. For instance, areas with lower property values or smaller units might have rents more aligned with the FMR. 3. **Maintain Property Quality**: Given the high occupancy rate and the competition in the rental market, maintaining high-quality properties is crucial. Ensuring that units are well-maintained and offer amenities that appeal to both market-rate and voucher tenants can help in attracting and retaining tenants. #### Bottom Line For Section 8-focused investors, the recommendation for ZIP code 33433 is to **Hold**. While the market is not extremely oversupplied, the high rent-to-income ratio and the disparity between FMR and actual rents make it challenging to achieve high cash flow solely through Section 8 vouchers. However, the strong demand and high occupancy rates indicate that there is still a viable market for affordable housing. Investors should focus on properties that are priced closer to the FMR and maintain a high standard of quality to remain competitive in the rental market. --- This analysis provides a comprehensive overview of the rental market dynamics in ZIP code 33433, highlighting the challenges and opportunities for Section 8-focused investors. The key takeaway is that while the market is tight, there are still actionable strategies that can be employed to navigate it successfully.

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.