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 | $2,040 |
| 1 Bedroom | $2,150 |
| 2 Bedrooms | $2,510 |
| 3 Bedrooms | $3,260 |
| 4 Bedrooms | $3,760 |
| 5 Bedrooms | $4,362 |
| 6 Bedrooms | $4,885 |
| 7 Bedrooms | $5,276 |
| 8 Bedrooms | $5,540 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,510 | $281,383 | 0.89% | C |
| 3BR | $3,260 | $444,106 | 0.73% | D |
| 4BR | $3,760 | $665,463 | 0.57% | F |
| 5BR | $4,362 | $923,929 | 0.47% | F |
U.S. Census Bureau data (2024)
The ZIP code 33437, located in Boynton Beach, FL, houses a population of 37,229 residents. Among these, 14.5% are renters, indicating that it is not a heavily renter-dominated area. The median household income stands at $80,710, which provides a baseline for assessing the affordability of housing in the region.
The market rent in ZIP 33437 is $2,572, representing approximately 32% of the median household income. This suggests that typical rents consume a significant portion of local incomes, potentially making housing less affordable for many residents.
Comparatively, the Fair Market Rent (FMR) for the area, as set for FY 2024, is $2,420. This figure is slightly below the market rent, indicating that landlords could potentially adjust their pricing to better align with the FMR to attract Section 8 tenants.
A landlord in Boynton Beach should expect tenants who are likely to rely on housing vouchers due to the high cost of living relative to the median income. These tenants will typically have a household income that is less than 50% of the area median, which is around $40,355 or lower. Landlords should be prepared to work with the Housing Choice Voucher Program, ensuring that their properties meet the necessary standards and that they understand the process of renting to voucher holders.
The tenant profile expected in this ZIP code includes families and individuals seeking affordable housing options. Given the slight premium in market rent over the FMR, landlords might face some competition for voucher tenants, but the overall demand for rental units supported by vouchers remains strong.
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.