Location: West Palm Beach-Boca Raton, FL | Metro: West Palm Beach-Boca Raton, FL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,740 |
| 1 Bedroom | $2,890 |
| 2 Bedrooms | $3,380 |
| 3 Bedrooms | $4,390 |
| 4 Bedrooms | $5,070 |
| 5 Bedrooms | $5,881 |
| 6 Bedrooms | $6,587 |
| 7 Bedrooms | $7,114 |
| 8 Bedrooms | $7,470 |
U.S. Census Bureau data (2024)
With a Fair Market Rent (FMR) of $3120 for ZIP 33470 in Loxahatchee, FL, landlords should note that this reflects the upper limit set by HUD for Section 8 vouchers in the area. However, the Zillow Observed Rent Index (ZORI), which stands at $4,041, indicates that market rents are significantly higher, suggesting opportunities for those willing to cater to non-subsidized tenants. The median home value in this region is notably high at $661,866, which underscores the affluent nature of the neighborhood. Despite this, only 5.4% of residents are renters, indicating a primarily owner-occupied market. Landlords must also consider the median income of $122,163 when evaluating potential tenant eligibility for Section 8, as it may affect the pool of qualified applicants. Additionally, a 67-day Days on Market (DOM) average suggests that rental properties might take a bit longer to lease out, especially if they are priced above the FMR. Furthermore, a mere 0.3% of listings have been reported to be price-cut, implying strong demand and competitive pricing power for landlords. In conclusion, while Section 8 can be a stable source of income, the high market rents and affluent environment of Loxahatchee make it less attractive for this subsidy program.
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.