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 | $2,160 |
| 1 Bedroom | $2,230 |
| 2 Bedrooms | $2,590 |
| 3 Bedrooms | $3,310 |
| 4 Bedrooms | $4,020 |
| 5 Bedrooms | $4,663 |
| 6 Bedrooms | $5,223 |
| 7 Bedrooms | $5,641 |
| 8 Bedrooms | $5,923 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $2,230 | $289,747 | 0.77% | D |
| 2BR | $2,590 | $565,783 | 0.46% | F |
| 3BR | $3,310 | $862,977 | 0.38% | F |
| 4BR | $4,020 | $1,631,996 | 0.25% | F |
| 5BR | $4,663 | $2,898,575 | 0.16% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 33606 in Tampa, Florida, for fiscal year 2024 is set at $2,550. This figure represents the payment standard for Section 8 housing vouchers in your area, meaning it's the maximum amount that the government will pay toward rent for a unit deemed suitable under the program. However, this does not equate to the total rent you can charge; it's the reimbursement limit.
In comparison, the local Zillow Observed Rent Index (ZORI) stands at $2,303. This indicates that the average market rent in your ZIP code is slightly below the FMR, suggesting that Section 8 participants might find it easier to secure housing through the voucher program since the reimbursement rates are higher than typical rents.
The 56.1% renter share highlights a significant portion of the population in ZIP 33606 who are likely to be interested in affordable housing options. This high percentage points to a strong demand for rentals, including those participating in the Section 8 program.
When considering the acquisition cost of a property in this area, a median home value of $850,694 suggests that buying a home specifically for Section 8 tenants could be a challenging investment due to the high price tag. However, if you already own a property or are looking to purchase a lower-cost unit, the potential for stable, government-backed income could make it a worthwhile venture.
Before proceeding with a Section 8 rental, ensure that your property meets all the necessary inspection criteria, such as being free from health and safety hazards, and that it is in compliance with the Housing Quality Standards (HQS). This verification step is crucial to avoid any delays in the process and to ensure that your property is accepted into the program without issues.
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.