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 | $1,820 |
| 1 Bedroom | $1,910 |
| 2 Bedrooms | $2,240 |
| 3 Bedrooms | $2,910 |
| 4 Bedrooms | $3,360 |
| 5 Bedrooms | $3,898 |
| 6 Bedrooms | $4,366 |
| 7 Bedrooms | $4,715 |
| 8 Bedrooms | $4,951 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,910 | $72,186 | 2.65% | A+ |
| 2BR | $2,240 | $164,960 | 1.36% | A |
| 3BR | $2,910 | $587,049 | 0.5% | F |
| 4BR | $3,360 | $1,206,506 | 0.28% | F |
| 5BR | $3,898 | $1,939,201 | 0.2% | F |
U.S. Census Bureau data (2024)
The ZIP code 33446, located in Delray Beach, Florida, presents an interesting scenario when viewed from a renter's perspective. The median household income stands at $80,187, while the market rate for rent, known as the Zillow Observed Rent Index (ZORI), is $2,491 per month. This places a significant financial burden on renters, especially considering the typical allocation of income towards housing costs.
To put this into context, the Federal Market Rent (FMR) for ZIP 33446, which determines the voucher payment standard for fiscal year 2024, is set at $1,990. This means that households receiving rental assistance through vouchers have a considerably lower threshold for what they can afford compared to the market rate. The disparity between the ZORI and the FMR highlights a notable affordability gap for renters without government assistance.
With only 11.4% of the 28,431 population being renters, competition among landlords is likely to be fierce. The limited number of renters means that landlords must carefully consider their target audience and pricing strategies to remain competitive. Offering units that align with the voucher payment standard could attract a steady stream of tenants who rely on this assistance, ensuring consistent occupancy and predictable income.
However, landlords also face the decision of whether to cater to voucher recipients or focus on cash-paying tenants. While cash-paying tenants might offer higher monthly rents, the stability and guaranteed income from voucher-supported tenants can be more appealing in a market where finding willing renters is challenging. The takeaway for landlords is to evaluate the local rental market dynamics, including the proportion of renters who use vouchers, before deciding on their strategy. Balancing the desire for higher rent payments with the need for reliable tenancy will be key to success in ZIP 33446.
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.