Section 8 Fair Market Rent (FMR) for ZIP 33614 - 2027

Investment Score for ZIP 33614

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	$1,630
1 Bedroom	$1,680
2 Bedrooms	$1,960
3 Bedrooms	$2,500
4 Bedrooms	$3,040
5 Bedrooms	$3,526
6 Bedrooms	$3,949
7 Bedrooms	$4,265
8 Bedrooms	$4,478

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	$1,680	$110,545	1.52%	A+
2BR	$1,960	$257,040	0.76%	D
3BR	$2,500	$400,929	0.62%	D
4BR	$3,040	$457,545	0.66%	D
5BR	$3,526	$515,421	0.68%	D

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 33614 (Egypt Lake-Leto, FL) #### Section 8 Voucher Dynamics In ZIP code 33614, the Fair Market Rent (FMR) for a two-bedroom unit is set at $2060 per month for 2026. This amount represents 49.2% of the median household income of $50,232. However, the actual rental market price for a two-bedroom unit is significantly higher. According to Zillow, the median price for a two-bedroom home in this area is $257,938, which translates to a monthly mortgage payment of approximately $1215 based on typical financing terms. When considering property taxes, insurance, and maintenance costs, the total monthly cost for an investor would likely exceed the FMR by a substantial margin. The price-to-FMR ratio of 10.4x indicates that the median home value is over ten times the FMR for a two-bedroom unit, suggesting that the rental market is considerably more expensive than what is covered by the Section 8 voucher program. This means that tenants with Section 8 vouchers may face significant challenges finding affordable housing within the parameters of their subsidy. #### Affordability & Renter Profile The population of ZIP code 33614 is 47,298, with a high renter percentage of 56.8%. Given the occupancy rate of 91.5%, it appears that the rental market is relatively tight, indicating strong demand for rental properties. The median household income of $50,232 suggests that many residents have limited financial resources, making them particularly reliant on affordable housing options such as those supported by Section 8 vouchers. However, the high price-to-FMR ratio implies that even with the subsidy, renters may struggle to find units that do not exceed their budget. For instance, if a tenant has a two-bedroom voucher, they would need to find a unit priced at or below $2060 per month, which is far below the actual market rates. This tight market dynamic makes it challenging for low-income households to secure housing, especially when the majority of available units are priced well above the FMR. #### Investor Angle From an investor perspective, the ZIP code 33614 presents a mixed picture. While the occupancy rate is high, indicating strong demand for rental properties, the actual market prices are much higher than the FMR. An investor looking to purchase a two-bedroom property for $257,938 would need to consider not only the mortgage but also ongoing expenses such as property taxes, insurance, and maintenance. These additional costs can push the total monthly expense above the FMR, making it difficult to achieve positive cash flow solely through Section 8 rents. For example, if we assume a 4% annual interest rate on a 30-year fixed mortgage, the monthly mortgage payment would be around $1215. Adding an estimated $200 for property taxes, $100 for insurance, and $100 for maintenance, the total monthly expense would be approximately $1615. This exceeds the FMR of $2060, leaving little room for profit unless the investor can negotiate higher rents or find ways to reduce expenses. Given these factors, the investment grade for this ZIP code is moderate to low. The high price-to-FMR ratio and the tight rental market suggest that while there is demand, the returns may not be sufficient to justify the investment for purely Section 8-focused investors. #### Specific Actionable Insights 1. **Focus on Smaller Units**: Investors should focus on smaller units, such as one-bedroom or studio apartments, where the FMR is lower ($1770 and $1660 respectively). These units are more likely to align with the Section 8 voucher limits and could provide better cash flow opportunities. Additionally, smaller units often have lower acquisition and maintenance costs, which can help offset the lower rent. 2. **Consider Renovation Projects**: Investors might consider purchasing older, less expensive homes that can be renovated to meet modern standards. By acquiring properties at a discount and then renovating them, they can potentially increase the rental value without exceeding the FMR. This strategy requires a careful balance between renovation costs and potential rental income but can be profitable if executed correctly. 3. **Explore Government Programs**: Investors should explore other government programs that may complement Section 8 vouchers. For instance, the Low-Income Housing Tax Credit (LIHTC) program can provide additional incentives for developing affordable housing. Combining LIHTC with Section 8 can make the investment more financially viable. #### Bottom Line For investors focusing exclusively on Section 8 properties, the recommendation for ZIP code 33614 is to **Skip**. The high price-to-FMR ratio and the tight rental market make it challenging to achieve positive cash flow. However, investors who can diversify their portfolio by including other government programs or who are willing to invest in smaller units or renovation projects may find some opportunities. Overall, the market conditions in 33614 are not favorable for pure Section 8 investments due to the mismatch between FMR and actual market prices.

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.