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 | $2,200 |
| 1 Bedroom | $2,270 |
| 2 Bedrooms | $2,640 |
| 3 Bedrooms | $3,370 |
| 4 Bedrooms | $4,100 |
| 5 Bedrooms | $4,756 |
| 6 Bedrooms | $5,327 |
| 7 Bedrooms | $5,753 |
| 8 Bedrooms | $6,041 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,640 | $273,010 | 0.97% | C |
| 3BR | $3,370 | $383,981 | 0.88% | C |
| 4BR | $4,100 | $539,801 | 0.76% | D |
| 5BR | $4,756 | $696,898 | 0.68% | D |
U.S. Census Bureau data (2024)
The economics of Section 8 in ZIP code 33572, which encompasses Apollo Beach, FL, in Hillsborough County, are straightforward. The SAFMR (Small Area Fair Market Rent) for a two-bedroom apartment in this specific ZIP code for fiscal year 2024 is set at $2550. This figure is crucial because it directly influences the maximum amount a landlord can receive from the housing authority for a Section 8 voucher tenant.
Local market rents, as measured by ZORI (Zillow Observed Rent Index), stand at $2,213 for a similar two-bedroom unit. This indicates that the SAFMR is slightly higher than the prevailing market rates, which can be advantageous for landlords. However, understanding the full economic picture requires considering the components of a voucher payment.
A Section 8 voucher covers the difference between the tenant's portion of the rent and the total rent, up to the SAFMR limit. Typically, the tenant is responsible for paying approximately 30% to 40% of their adjusted income towards rent. If we assume an average tenant income that results in a 35% contribution, this would mean the tenant might pay around $878 per month, calculated as 35% of $2,510, which is the average of SAFMR and ZORI. This leaves the housing authority to cover the remaining balance.
In addition to the rent, the housing authority also provides utility allowances. For ZIP 33572, these allowances can vary but generally range from $200 to $400 per month. Assuming a utility allowance of $300, the total reimbursement from the housing authority would be $1672 ($2550 - $878 + $300).
This means that landlords in ZIP 33572 can expect to receive a total of $1672 per month from the housing authority, including the tenant's rent contribution and utility allowance. Given the local market rent of $2,213, there is a surplus of $439 per month ($1672 - $2,213 + $878 + $300).
To summarize, landlords in ZIP 33572 who participate in the Section 8 program for a two-bedroom apartment can anticipate receiving $1672 per month, which exceeds the local market rent by $439. This surplus is due to the SAFMR being higher than the ZORI and the inclusion of tenant contributions and utility allowances in the reimbursement structure.
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.