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 | $1,170 |
| 1 Bedroom | $1,210 |
| 2 Bedrooms | $1,410 |
| 3 Bedrooms | $1,800 |
| 4 Bedrooms | $2,190 |
| 5 Bedrooms | $2,540 |
| 6 Bedrooms | $2,845 |
| 7 Bedrooms | $3,073 |
| 8 Bedrooms | $3,227 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,410 | $246,963 | 0.57% | F |
| 3BR | $1,800 | $384,997 | 0.47% | F |
| 4BR | $2,190 | $512,056 | 0.43% | F |
| 5BR | $2,540 | $810,855 | 0.31% | F |
U.S. Census Bureau data (2024)
ZIP code 33592 is located in the town of Thonotosassa, Florida, which is known for its suburban feel and family-friendly environment. The area has a total population of 12,333, with 37.2% being renters. This indicates a significant portion of the community is looking for affordable housing options. The median household income in the area stands at $68,802, reflecting a middle-class demographic. The median home value in ZIP 33592 is $408,321, suggesting a stable and desirable residential market.
Moving into the specifics of rental economics, the Fair Market Rent (FMR) for the fiscal year 2024 in ZIP 33592 is set at $1,360. This is notably lower than the market rent, as measured by the Zillow Observed Rent Index (ZORI), which is $1,922. This gap between the FMR and the market rent presents an opportunity for landlords and small-portfolio investors who are willing to engage with the Section 8 Housing Choice Voucher program.
The difference in rent figures means that landlords can potentially achieve higher occupancy rates by participating in the Section 8 program, given the significant number of renters in the area. However, it also implies that a hands-off approach might not be optimal for maximizing returns. Instead, a hands-on strategy that focuses on value-add opportunities could be more beneficial. This could involve improving property amenities or maintenance to attract tenants willing to pay closer to the market rate, thereby increasing overall profitability.
In conclusion, ZIP 33592 offers a solid foundation for investment due to its stable median home values and middle-class income levels. While the Section 8 program provides a steady stream of tenants, achieving higher returns will likely require active management and enhancements to the properties to appeal to a broader tenant base willing to pay above the FMR.
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.