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 | $1,790 |
| 1 Bedroom | $1,850 |
| 2 Bedrooms | $2,150 |
| 3 Bedrooms | $2,750 |
| 4 Bedrooms | $3,340 |
| 5 Bedrooms | $3,874 |
| 6 Bedrooms | $4,339 |
| 7 Bedrooms | $4,686 |
| 8 Bedrooms | $4,920 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,850 | $222,751 | 0.83% | C |
| 2BR | $2,150 | $320,248 | 0.67% | D |
| 3BR | $2,750 | $523,052 | 0.53% | F |
| 4BR | $3,340 | $725,982 | 0.46% | F |
| 5BR | $3,874 | $952,285 | 0.41% | F |
U.S. Census Bureau data (2024)
ZIP code 33556 in Odessa, FL, is part of a high-income suburban neighborhood with a population of 35,755 residents. Only 14.8% of the residents are renters, indicating a predominantly owner-occupied area. The median household income stands at a robust $149,722, placing it well above the national average. The median home value in this ZIP code is also significantly high at $660,778, reflecting the affluent nature of the community.
In terms of rent economics, the Fair Market Rent (FMR) for ZIP 33556 as of fiscal year 2024 is set at $2,100. This figure is notably higher than the market rent, which is measured at $1,858 using ZORI (Zillow Observed Rent Index). The difference between the FMR and the actual market rent suggests that there is a premium for housing assistance through Section 8 vouchers in this area.
Given these economic conditions, ZIP 33556 would be a suitable location for both hands-off voucher operators and hands-on value-add buyers. For hands-off operators, the higher FMR compared to the market rent means that landlords can expect to receive a slightly higher rent through the Section 8 program, thus mitigating some of the risks associated with rental properties. For value-add buyers, the opportunity to renovate and improve properties to command closer to the FMR could yield significant returns, especially given the high median income and home values in the area.
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.