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 | $1,040 |
| 1 Bedroom | $1,090 |
| 2 Bedrooms | $1,280 |
| 3 Bedrooms | $1,660 |
| 4 Bedrooms | $1,920 |
| 5 Bedrooms | $2,227 |
| 6 Bedrooms | $2,494 |
| 7 Bedrooms | $2,694 |
| 8 Bedrooms | $2,829 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,660 | $228,742 | 0.73% | D |
U.S. Census Bureau data (2024)
The analysis of ZIP code 33476 within the West Palm Beach-Boca Raton, FL HUD Metro FMR Area reveals several key points for landlords and small-portfolio investors. The rent math does not work in favor of the landlord when comparing the Fair Market Rent (FMR) set at $1040 for FY 2024 against the market rent of $1,126 as reported by the Census ACS. This indicates that landlords may find it challenging to cover their costs if they adhere strictly to the FMR guidelines.
Regarding acquisition affordability, the median home value stands at $204,340. However, the lack of data on days on market (DOM) and the percentage of homes that had to reduce their asking price suggests that the market dynamics are unclear. This ambiguity makes it difficult to assess whether buying properties in this area is financially advantageous without further investigation into recent sales trends.
Tenant demand is strong, given the population of 7,413 and a renter share of 57.2%. These figures suggest a robust pool of potential tenants, which could be beneficial for maintaining occupancy rates and ensuring steady rental income.
A verdict on ZIP 33476 indicates that while there is a significant tenant demand, the rent math does not align favorably with the FMR guidelines. Acquisition costs appear moderate, but the absence of detailed market performance data complicates the assessment of property value over time. Landlords should consider setting rents closer to the market rate of $1,126 to ensure profitability, despite the higher figure compared to the FMR. The strong tenant base supports the viability of investments in rental properties, provided that the rent is adjusted to market levels.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.