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 | $2,520 |
| 1 Bedroom | $2,650 |
| 2 Bedrooms | $3,100 |
| 3 Bedrooms | $4,030 |
| 4 Bedrooms | $4,650 |
| 5 Bedrooms | $5,394 |
| 6 Bedrooms | $6,041 |
| 7 Bedrooms | $6,524 |
| 8 Bedrooms | $6,850 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $2,650 | $461,629 | 0.57% | F |
| 2BR | $3,100 | $699,983 | 0.44% | F |
| 3BR | $4,030 | $1,542,799 | 0.26% | F |
| 4BR | $4,650 | $3,468,930 | 0.13% | F |
| 5BR | $5,394 | $6,394,359 | 0.08% | F |
U.S. Census Bureau data (2024)
The dynamics of the ZIP code 33483, located in Delray Beach, FL, reveal a market that is in constant motion, influenced by the interplay between rental and homeownership sectors. The Fair Market Rent (FMR) for ZIP 33483 in fiscal year 2024 is set at $2,960, while the actual market rent, as measured by Zillow's ZORI index, stands slightly higher at $3,256. This suggests that the rental market is robust, with rents exceeding government-set fair market rates.
The median home value in the area is $1,004,888, indicating a high-end residential market. The price-cut share of 0.2% and an average days on market (DOM) of 91 days point towards a seller's market where homes sell relatively quickly without significant price reductions. These metrics suggest that demand is strong relative to supply, and the market is favoring sellers.
A 30.2% renter share provides insight into the long-term housing pressures in the area. A higher proportion of renters can signal sustained demand for rental properties, as well as potential challenges for aspiring homeowners who find it difficult to enter the market due to high home values. This dynamic could lead to continued growth in the rental sector, with landlords and small-portfolio investors benefiting from steady demand and potentially increasing rents.
The snapshot of the ZIP 33483 market shows a balance tipped slightly toward demand over supply, particularly in the rental sector. Homeowners benefit from a strong market, while renters represent a significant portion of the population, driving the need for rental properties. This environment creates opportunities for investors to capitalize on both the rising home values and the consistent rental market, making Delray Beach a compelling location for real estate investments.
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.