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 | $1,140 |
| 1 Bedroom | $1,210 |
| 2 Bedrooms | $1,410 |
| 3 Bedrooms | $1,830 |
| 4 Bedrooms | $2,110 |
| 5 Bedrooms | $2,448 |
| 6 Bedrooms | $2,742 |
| 7 Bedrooms | $2,961 |
| 8 Bedrooms | $3,109 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,830 | $242,369 | 0.76% | D |
U.S. Census Bureau data (2024)
The economic landscape of ZIP code 33493 presents a unique challenge for both renters and landlords. The median income stands at $53,083, which places significant constraints on rental affordability. At the market rate of $1,085 per month, as reported by the Census Bureau's American Community Survey (ACS), a substantial portion of the median income—approximately 25%—is required to cover rent alone. This figure is based on the common guideline that housing costs should not exceed 30% of a household’s income.
In contrast, the Fair Market Rent (FMR) standard set for ZIP 33493 in fiscal year 2024 is $1,410. This represents a considerable increase over the market rate, reflecting the government's assessment of what constitutes a fair rent level for the area. For renters relying on Section 8 vouchers, this higher FMR could alleviate some of the financial pressure, allowing them to afford better quality or larger living spaces compared to the market rate.
Given that 39.3% of the population in ZIP 33493 are renters, and the total population is 5,158, the affordability gap between the market rate and the FMR has implications for competition among landlords. Landlords who accept Section 8 vouchers will have access to a pool of tenants whose rent is subsidized up to the FMR level, potentially offering more stable and reliable income streams. However, those who prefer cash-paying tenants might find themselves competing in a market where many households cannot afford the higher FMR without assistance.
The takeaway for landlords is clear: accepting Section 8 vouchers can provide a competitive edge in a market where many renters struggle to meet the higher FMR standards. While the decision ultimately depends on individual preferences and property management considerations, the data suggests that there is a significant segment of the population that would benefit from and likely prefer subsidized housing options.
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.