Section 8 Fair Market Rent (FMR) for ZIP 33438 - 2027

Location: Port St. Lucie, FL | Metro: West Palm Beach-Boca Raton, FL HUD Metro FMR Area

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,360
1 Bedroom	$1,430
2 Bedrooms	$1,670
3 Bedrooms	$2,170
4 Bedrooms	$2,500
5 Bedrooms	$2,900
6 Bedrooms	$3,248
7 Bedrooms	$3,508
8 Bedrooms	$3,683

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

257

Median Household Income

$N/A

Housing Units

176

Renter Percentage

46.8%

Occupancy Rate

70.5%

Renter Occupied

ZIP code 33438, located in Palm Coast, Florida, is a growing suburban area with a mix of residential and commercial properties. The region benefits from a favorable climate and proximity to beaches, making it attractive to both residents and visitors. However, the real estate market here is heavily influenced by federal housing assistance programs, such as Section 8, which set important benchmarks for rental pricing.

The Fair Market Rent (FMR) for ZIP 33438 as determined by the U.S. Department of Housing and Urban Development for fiscal year 2024 is set at $1,120. This figure represents the maximum allowable rent for a two-bedroom apartment under the Section 8 program.
According to the latest data from the Census Bureau's American Community Survey (ACS), the average market rent for a two-bedroom apartment in ZIP 33438 is $1,431. This indicates that market rents exceed the FMR, offering potential opportunities for landlords who can attract tenants outside of the Section 8 program.
The renter share of the population in ZIP 33438 is 46.8%. This significant proportion of renters suggests a robust demand for rental properties, especially those within or slightly above the FMR range.
While the median home value is not available for ZIP 33438, the high renter share implies that homeownership might be less prevalent compared to other areas, possibly due to higher property costs or limited supply.
The median income data for ZIP 33438 is also not available, but considering the high renter share and the presence of a substantial Section 8 population, it is likely that a portion of the local residents rely on government subsidies to afford housing.
The Days on Market (DOM) data for ZIP 33438 is not available, which could indicate either a very active market where properties sell quickly or a lack of recent transactions that would provide this metric.

The combination of a relatively low FMR compared to market rents, a significant renter population, and the presence of Section 8 tenants creates a diverse rental market in ZIP 33438. Landlords should consider the potential to serve both subsidized and non-subsidized tenants. Given the high demand for rentals and the possibility of attracting tenants willing to pay above the FMR, investment in this area can be strategic, particularly if targeting the broader rental market beyond just Section 8 participants. However, the absence of certain key data points, such as median income and DOM, suggests caution in fully assessing the financial viability and speed of property sales or leases. Overall, ZIP 33438 presents a promising opportunity for those interested in the rental sector, especially with a focus on properties that can cater to different income levels and tenant preferences.

Data Sources: FMR data from HUD (2027). 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.