Location: Tampa-St. Petersburg-Clearwater, FL | Metro: Tampa-St. Petersburg-Clearwater, FL MSA
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 | $2,010 |
| 1 Bedroom | $2,070 |
| 2 Bedrooms | $2,410 |
| 3 Bedrooms | $3,080 |
| 4 Bedrooms | $3,740 |
| 5 Bedrooms | $4,338 |
| 6 Bedrooms | $4,859 |
| 7 Bedrooms | $5,248 |
| 8 Bedrooms | $5,510 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,410 | $369,138 | 0.65% | D |
| 3BR | $3,080 | $530,953 | 0.58% | F |
| 4BR | $3,740 | $735,623 | 0.51% | F |
| 5BR | $4,338 | $951,425 | 0.46% | F |
U.S. Census Bureau data (2024)
ZIP 33548, located in Lutz, FL, within the Tampa-St. Petersburg-Clearwater, FL MSA, is best suited as a cash-flow anchor in a Section 8 portfolio strategy. The Federal Market Rent (FMR) for ZIP 33548 in fiscal year 2024 is set at $2,520, which is significantly higher than the market average rent of $2,140. This $380 monthly spread ensures that landlords receive above-market rental income, providing a strong financial foundation for their investment portfolios.
The median home value in Lutz stands at $668,738, indicating a relatively stable housing market. While this might seem high, the key metric for Section 8 investments is the rental income, not the property value. The guaranteed higher rent through the Section 8 program makes this ZIP code an attractive option for generating consistent cash flow.
Additionally, the low 0.3% price-cut share and N/A-day days on market (DOM) suggest that properties in this area do not often require significant discounts or extended listing periods to secure tenants. This further supports the idea that ZIP 33548 can serve as a reliable cash-flow anchor, as landlords can expect steady demand without having to lower rents or wait long periods for occupancy.
While the 18.9% renter share and median income of $129,857 could make Lutz a diversifier in some contexts, given the substantial cash-flow advantage provided by the FMR compared to market rents, it is more effectively leveraged as a cash-flow anchor. Landlords should prioritize this ZIP code for properties they wish to ensure generate above-average rental income, thereby stabilizing their overall portfolio performance.
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.