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 | $2,490 |
| 1 Bedroom | $2,620 |
| 2 Bedrooms | $3,070 |
| 3 Bedrooms | $3,990 |
| 4 Bedrooms | $4,600 |
| 5 Bedrooms | $5,336 |
| 6 Bedrooms | $5,976 |
| 7 Bedrooms | $6,454 |
| 8 Bedrooms | $6,777 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $2,620 | $235,887 | 1.11% | B |
| 2BR | $3,070 | $489,257 | 0.63% | D |
| 3BR | $3,990 | $825,576 | 0.48% | F |
| 4BR | $4,600 | $1,276,695 | 0.36% | F |
| 5BR | $5,336 | $4,013,681 | 0.13% | F |
U.S. Census Bureau data (2024)
The ZIP code 33487, located in Boca Raton, Florida, presents an interesting scenario when viewed from the renter's perspective. The median household income stands at $96,066, which might initially suggest a comfortable financial situation. However, the market-rate rent of $3,244 per month poses a significant challenge for many residents. To put this into perspective, let's consider the federal guidelines for housing affordability, which typically recommend that no more than 30% of a household's income should go towards rent.
A household earning the median income of $96,066 would ideally spend no more than $2,882 per month on rent, based on the 30% rule. This means that the market-rate rent of $3,244 exceeds the ideal spending limit by $362. For those who rely on Section 8 vouchers, the situation is slightly better but still challenging. The Fair Market Rent (FMR) for ZIP 33487 in fiscal year 2024 is set at $2,870, which is just below the 30% threshold of the median income. This indicates that while voucher holders can find affordable housing options, they are still limited to units that fall within or slightly below the FMR.
Given that 26.8% of the 20,717 population are renters, the competition for affordable rental properties is notable. Landlords will face a dual challenge: attracting tenants who can afford the market-rate rents and accommodating those who depend on Section 8 vouchers. The affordability gap suggests that there is a substantial portion of the renting population who might struggle to pay market rates without assistance.
The takeaway for landlords is clear: focusing solely on cash-paying tenants may limit their pool of potential renters, given the high market-rate rents relative to the median income. Incorporating a strategy that includes accepting Section 8 vouchers can be a competitive advantage, ensuring a steady stream of tenants and tapping into a government-supported payment system. However, landlords must also be prepared to manage properties that meet the requirements for voucher acceptance, including passing inspections and maintaining documentation standards.
In summary, landlords in ZIP 33487 should consider a balanced approach, offering some units at market rates for higher-income households and others that align with the FMR for voucher recipients. This strategy will help them cater to the diverse needs of the local renting population and maintain a stable occupancy rate.
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.