Section 8 Fair Market Rent (FMR) for ZIP 33579 - 2027

Investment Score for ZIP 33579

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$2,240
1 Bedroom	$2,310
2 Bedrooms	$2,690
3 Bedrooms	$3,440
4 Bedrooms	$4,180
5 Bedrooms	$4,849
6 Bedrooms	$5,431
7 Bedrooms	$5,865
8 Bedrooms	$6,158

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$2,690	$229,921	1.17%	B
3BR	$3,440	$324,978	1.06%	B
4BR	$4,180	$393,776	1.06%	B
5BR	$4,849	$491,807	0.99%	C

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 33579 (Riverview, FL) #### Introduction Riverview, Florida, located in Hillsborough County, is a growing suburban area with a population of 49,470 residents. The median household income in Riverview is relatively high at $116,134, which places it above the national average. However, only 16.5% of the population are renters, indicating that homeownership is prevalent in this area. The occupancy rate is strong at 96.0%, suggesting a robust demand for housing units. This analysis will focus on the dynamics of Section 8 vouchers, affordability for renters, and the potential for investors in this market. #### Section 8 Voucher Dynamics The Fair Market Rent (FMR) for Riverview, FL, in 2026 is set as follows: - 0BR: $2340 - 1BR: $2490 - 2BR: $2900 (which is 30.0% of the median income) - 3BR: $3710 - 4BR: $4510 These figures represent the maximum amount that a Section 8 voucher holder can pay for rent. To understand how these FMRs compare to actual rents, we need to consider the price-to-FMR ratio. For a 2BR unit, the Zillow median price is $233,063, and the price-to-FMR ratio is 6.7x. This means that the median home value is significantly higher than the FMR for rental units, indicating that the rental market is much more affordable compared to the purchase market. Given the high median household income, the FMR for a 2BR unit at $2900 is only 30.0% of the median income, which is the standard threshold used by HUD. This suggests that the FMR is appropriately set to ensure that low-income households can afford housing without being overly burdened. However, for voucher holders, the constraint is that they cannot find units that exceed the FMR. In a market where the median home value is so high, this could limit their options to smaller or less desirable properties. #### Affordability & Renter Profile With a median household income of $116,134, the overall cost of living in Riverview is relatively high. However, the rent for a 2BR unit at $2900 is only 30.0% of the median income, making it affordable for those who qualify for Section 8 assistance. Given that only 16.5% of the population are renters, it indicates that the rental market is not as saturated as other areas might be. The limited number of renters could mean that there is less competition for rental units, but it also implies that there might be fewer rental properties available overall. The occupancy rate of 96.0% suggests that the housing stock is in high demand, and there is little vacancy. This tight market could make it challenging for renters to find units that meet their needs, especially if they are limited by the FMR. Additionally, the high median home value ($233,063) could push some potential homeowners into the rental market, increasing demand further. #### Investor Angle From an investor’s perspective, the key question is whether the rental market in Riverview can provide a positive cash flow at the FMR levels. Given the FMR for a 2BR unit is $2900, let’s assess the feasibility: 1. **Cash Flow Analysis**: If an investor purchases a 2BR property at the median price of $233,063 and rents it out at the FMR of $2900, they would need to consider mortgage payments, property taxes, insurance, maintenance, and other operating costs. Assuming a 20-year fixed-rate mortgage at 4.5% interest, the monthly payment would be approximately $1,460. Property taxes in Hillsborough County are around 1.2%, which translates to about $230 per month. Insurance costs vary but can be estimated at $150 per month. Maintenance and other operating costs could add another $150-$200 per month. Therefore, the total monthly expenses would be around $2,190-$2,240. This leaves a potential cash flow of $660-$710 per month, which is positive but not substantial. 2. **Investment Grade**: The investment grade in Riverview would depend on the stability of the rental market and the likelihood of maintaining occupancy rates. With a high occupancy rate and a growing population, the risk of vacancy is lower. However, the limited number of renters and the high price-to-FMR ratio suggest that there might be challenges in finding tenants willing to pay the FMR. Investors should also consider the potential for rent increases and the impact of local economic conditions on the rental market. #### Specific Actionable Insights 1. **Focus on Smaller Units**: Given the high price-to-FMR ratio, investors should focus on acquiring smaller units such as 0BR and 1BR apartments. These units have FMRs of $2340 and $2490 respectively, which are lower than the 2BR FMR. This could help in attracting more Section 8 voucher holders who are looking for affordable housing options. 2. **Consider Multi-Family Properties**: Multi-family properties could offer better cash flow opportunities due to economies of scale. By owning a multi-unit building, investors can spread the fixed costs across multiple units, potentially increasing profitability. For example, a 4-unit apartment complex could provide a more stable income stream compared to individual single-family homes. #### Bottom Line For Section 8-focused investors, Riverview, FL, presents a mixed picture. While the rental market is tight and the occupancy rate is high, the limited number of renters and the high price-to-FMR ratio suggest that the market might not be as lucrative as other areas. The recommendation for investors is to **Hold** or **Skip** this market unless they can find smaller units or multi-family properties that offer better cash flow opportunities. The high median home value and the relatively low percentage of renters indicate that the market is more suited for homeowners rather than investors looking to capitalize on the rental market through Section 8 vouchers. In summary, Riverview offers a stable rental market but may not be the most attractive for Section 8-focused investments due to the high cost of entry and limited renter pool. Investors should carefully evaluate their options and consider alternative markets with higher renter populations and lower price-to-FMR ratios for better returns.

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.