Section 8 Fair Market Rent (FMR) for ZIP 33610 - 2027

Investment Score for ZIP 33610

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	$1,320
1 Bedroom	$1,360
2 Bedrooms	$1,580
3 Bedrooms	$2,020
4 Bedrooms	$2,450
5 Bedrooms	$2,842
6 Bedrooms	$3,183
7 Bedrooms	$3,438
8 Bedrooms	$3,610

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
1BR	$1,360	$170,075	0.8%	D
2BR	$1,580	$229,134	0.69%	D
3BR	$2,020	$291,469	0.69%	D
4BR	$2,450	$337,961	0.72%	D
5BR	$2,842	$390,435	0.73%	D

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 33610 (Tampa, FL) #### Section 8 Voucher Dynamics The Fair Market Rent (FMR) for ZIP code 33610 is set by HUD for 2026. For a two-bedroom unit, the FMR is $1730. However, the actual rent for a two-bedroom unit in this area is significantly higher, as indicated by Zillow’s median price-to-FMR ratio of 10.9x. This means that the actual median rent for a two-bedroom unit is approximately $1730 * 10.9 = $18,857 per year, or about $1571.42 per month. The disparity between the FMR and the actual rental rates places a significant constraint on voucher holders, who may struggle to find units within their budget. #### Affordability & Renter Profile ZIP code 33610 has a population of 46,587, with 48.4% being renters. The median household income is $54,209, and the FMR for a two-bedroom unit represents 38.3% of this income. Given that the actual rent is higher than the FMR, it suggests that the market is relatively tight, with limited affordable options available for low-income households. The occupancy rate of 92.1% indicates that there is a high demand for housing, which further supports the notion of a tight market. #### Investor Angle From an investor perspective, the ZIP code appears to be challenging for cash flow when relying solely on FMR. The actual median rent for a two-bedroom unit is around $1571.42, while the FMR is $1730. This implies that properties rented through Section 8 vouchers might not generate sufficient cash flow compared to the market rate. Additionally, the high price-to-FMR ratio of 10.9x suggests that the investment grade for properties in this ZIP code is likely to be lower due to the mismatch between purchase costs and rental income potential under the Section 8 program. #### Specific Actionable Insights 1. **Focus on Smaller Units**: Given the high price-to-FMR ratio, investors should consider focusing on smaller units such as studios or one-bedroom apartments. The FMR for a one-bedroom unit is $1480, which is closer to the actual market rates. This could provide better cash flow opportunities and reduce the risk of vacancy. 2. **Consider Renovation Projects**: Investors might find value in purchasing older properties that can be renovated to meet the needs of low-income families. By improving the quality of the units, they can potentially command higher rents while still staying within the FMR limits, thereby increasing the overall profitability of the investment. #### Bottom Line For investors focused on Section 8 properties, the ZIP code 33610 presents a challenging environment due to the high price-to-FMR ratio and limited affordability for voucher holders. Therefore, the recommendation is to **Skip** this ZIP code for Section 8-focused investments unless you can secure properties with significantly lower purchase prices or focus on smaller units where the FMR is closer to market rates. The tight market conditions and high actual rents make it difficult to achieve positive cash flow using only the FMR guidelines. --- This analysis provides a concise overview of the market dynamics, affordability, and investment potential in ZIP code 33610, based strictly on the provided data. It highlights the challenges faced by both voucher holders and investors in this area and offers specific insights to navigate these challenges effectively.

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.