Location: West Palm Beach-Boca Raton, FL | Metro: West Palm Beach-Boca Raton, FL HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,050 |
| 1 Bedroom | $2,150 |
| 2 Bedrooms | $2,520 |
| 3 Bedrooms | $3,270 |
| 4 Bedrooms | $3,780 |
| 5 Bedrooms | $4,385 |
| 6 Bedrooms | $4,911 |
| 7 Bedrooms | $5,304 |
| 8 Bedrooms | $5,569 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $2,150 | $135,725 | 1.58% | A+ |
| 2BR | $2,520 | $255,786 | 0.99% | C |
| 3BR | $3,270 | $456,371 | 0.72% | D |
| 4BR | $3,780 | $765,294 | 0.49% | F |
| 5BR | $4,385 | $2,831,218 | 0.15% | F |
U.S. Census Bureau data (2024)
The Section 8 real-estate analysis for ZIP code 33435, which encompasses Boynton Beach, FL, reveals a significant gap between the Fair Market Rent (FMR) and the actual market rent. For fiscal year 2024, the FMR is set at $2200, while the market rent, as measured by ZORI, stands at $2442. This represents a difference of $242, or approximately 11%, indicating that landlords accepting Section 8 vouchers will be renting properties below the open-market rate.
The cost of housing voucher tenants below open-market rates can be analyzed through the lens of Boynton Beach's broader economic context. With 35.2% of residents being renters and a median home value of $305,011, the rental market is a critical component of the local economy. However, the median income of $67,979 suggests that many residents may struggle to afford market rents, making the Section 8 program an essential lifeline for securing affordable housing.
Landlords who choose to participate in the Section 8 program in ZIP 33435 must understand the financial implications. The $242 shortfall per unit means that landlords will receive less rent than what the market demands. This discrepancy can impact cash flow and overall investment returns. Despite these challenges, the stability of rental income provided by the government-backed Section 8 program can offer a consistent yield, particularly in a high-rent environment where vacancy rates might otherwise be higher due to the affordability gap faced by many potential tenants.
To summarize, the FMR of $2200 is $242, or 11%, lower than the market rent of $2442 in ZIP 33435. While this gap poses a financial challenge for landlords, it also presents an opportunity for those seeking stable, government-guaranteed income in a market where a substantial portion of the population relies on affordable housing solutions. Landlords should weigh these factors carefully when considering whether to accept Section 8 vouchers in their rental properties.
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.