Location: Port St. Lucie, 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 | $1,980 |
| 1 Bedroom | $2,060 |
| 2 Bedrooms | $2,430 |
| 3 Bedrooms | $3,200 |
| 4 Bedrooms | $3,570 |
| 5 Bedrooms | $4,141 |
| 6 Bedrooms | $4,638 |
| 7 Bedrooms | $5,009 |
| 8 Bedrooms | $5,259 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $2,060 | $165,539 | 1.24% | A |
| 2BR | $2,430 | $368,705 | 0.66% | D |
| 3BR | $3,200 | $843,827 | 0.38% | F |
| 4BR | $3,570 | $1,583,990 | 0.23% | F |
| 5BR | $4,141 | $5,042,282 | 0.08% | F |
U.S. Census Bureau data (2024)
The ZIP code 33469, located in Tequesta, FL, presents an interesting scenario when analyzed from the perspective of renters. The median household income in this area stands at $106,265, which is significantly higher than the national average. However, when it comes to rental costs, the market rate, known as the ZORI (Zillow Observed Rent Index), is set at $3,458 per month. This high figure can be challenging for many households to afford, especially considering that only 13.4% of the 14,686 population are renters.
To put this into context, let’s look at the voucher payment standard, which is based on the Fair Market Rent (FMR) of $2,340 for the fiscal year 2024. This means that for those eligible for housing vouchers, the government will pay up to $2,340 per month towards their rent. Comparatively, this amount is much lower than the market rate of $3,458. The disparity between the ZORI and the FMR highlights a significant affordability gap for renters in Tequesta, FL.
This gap has implications for landlord competition. Given the relatively low percentage of renters in the area, landlords who wish to attract tenants might find themselves competing not just on price, but also on other factors such as location, amenities, and property condition. The challenge lies in balancing these elements with the financial realities faced by potential tenants.
For landlords considering whether to accept voucher payments or focus on cash-paying tenants, the data suggests a clear path. Accepting vouchers can ensure a steady stream of rental income, albeit at a lower rate compared to market prices. On the other hand, targeting cash-paying tenants could result in higher monthly rents, but the competition for these tenants is likely to be fierce. A strategic approach would involve understanding the local tenant base and tailoring offerings accordingly. For instance, landlords who offer properties within or close to the voucher payment range may attract a broader pool of tenants, including those who are just beginning to enter the rental market or have limited income.
In conclusion, while the median income in Tequesta, FL, is high, the market rate for rentals is even higher, making it difficult for some households to afford without assistance. Landlords should consider the benefits of accepting vouchers to fill units and maintain occupancy rates, especially given the limited number of renters in the area. This strategy can provide a reliable source of income and help mitigate the risks associated with the high cost of living in the region.
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.