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 | $2,400 |
| 1 Bedroom | $2,480 |
| 2 Bedrooms | $2,880 |
| 3 Bedrooms | $3,680 |
| 4 Bedrooms | $4,470 |
| 5 Bedrooms | $5,185 |
| 6 Bedrooms | $5,807 |
| 7 Bedrooms | $6,272 |
| 8 Bedrooms | $6,586 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $2,480 | $358,164 | 0.69% | D |
| 2BR | $2,880 | $489,236 | 0.59% | F |
| 3BR | $3,680 | $674,125 | 0.55% | F |
| 4BR | $4,470 | $1,018,966 | 0.44% | F |
U.S. Census Bureau data (2024)
The analysis of ZIP code 33602 in Tampa, FL, reveals several key insights for landlords and small-portfolio investors.
Firstly, the rent math works favorably. The Fair Market Rent (FMR) for the zip code in fiscal year 2024 is set at $2780, which is slightly higher than the market rent of $2,686 (ZORI). This indicates that rental properties can be priced competitively while still meeting the FMR threshold, making it an attractive area for investment.
Secondly, the acquisition cost of homes is reasonable. With a median home value of $521,865, the market offers opportunities for purchasing properties at a price point that aligns with potential rental income. The average Days on Market (DOM) of 63 days and a low price-cut share of 0.3% suggest that homes are selling relatively quickly without significant discounts, indicating a stable housing market.
Lastly, there is strong tenant demand. The population of ZIP 33602 stands at 21,452, with 72.9% of residents being renters. This high percentage of renters ensures a robust pool of potential tenants, reducing the risk of vacancies.
In conclusion, ZIP 33602 presents a viable opportunity for real estate investment under the Section 8 program. The favorable rent math, reasonable acquisition costs, and high tenant demand collectively support the notion that this area can offer steady returns and minimal risks for landlords and small-portfolio investors.
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.