Section 8 Fair Market Rent (FMR) for ZIP 33615 - 2027

Investment Score for ZIP 33615

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	$1,780
1 Bedroom	$1,840
2 Bedrooms	$2,140
3 Bedrooms	$2,730
4 Bedrooms	$3,320
5 Bedrooms	$3,851
6 Bedrooms	$4,313
7 Bedrooms	$4,658
8 Bedrooms	$4,891

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
1BR	$1,840	$122,132	1.51%	A+
2BR	$2,140	$237,413	0.9%	C
3BR	$2,730	$383,410	0.71%	D
4BR	$3,320	$480,400	0.69%	D
5BR	$3,851	$607,498	0.63%	D

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 33615 (Town 'n' Country, FL) #### Section 8 Voucher Dynamics The Fair Market Rent (FMR) for ZIP code 33615, as per the 2026 estimates, is set at $2,290 for a two-bedroom unit. This figure represents 39.7% of the median household income in the area, which stands at $69,274. However, the actual rental prices in Town 'n' Country are significantly higher than the FMR. For instance, the Zillow median price for a two-bedroom unit is $242,126, translating to an average monthly rent of approximately $2,018 if we assume a 1% annual rent-to-price ratio. The price-to-FMR ratio is 8.8x, indicating that the actual rents are far above the FMR. This creates a significant constraint for voucher holders. While the FMR is designed to reflect the average market rent, it is clear that in Town 'n' Country, the actual rents are much higher. Therefore, voucher holders may struggle to find units that accept their vouchers due to the high cost of living in the area. Additionally, landlords may be hesitant to accept vouchers given the disparity between the FMR and the actual market rates. #### Affordability & Renter Profile Town 'n' Country has a population of 47,245, with 42.5% of residents being renters. This indicates a substantial rental market, but the occupancy rate of 91.2% suggests that the market is relatively tight. With the median household income at $69,274, the majority of residents can afford the higher-than-average rental costs. However, those relying on Section 8 vouchers will find it challenging to secure housing, especially since the FMR is only $2,290 for a two-bedroom unit, while the actual market rent is closer to $2,018, still above the FMR. Given the high median home value and the relatively low FMR, it is likely that many residents who rent are either young professionals, retirees, or families who have higher incomes and can afford the premium rents. This tight market means that there is a strong demand for rental properties, but the supply is limited, leading to competition among potential tenants. #### Investor Angle From an investor perspective, the ZIP code 33615 presents a mixed picture. The Zillow median price for a two-bedroom unit is $242,126, and assuming a 1% annual rent-to-price ratio, the average monthly rent would be around $2,018. However, the FMR for a two-bedroom unit is $2,290, which is slightly higher than the estimated market rent. To determine whether this ZIP code is cash-flow positive at the FMR, we need to consider other factors such as property taxes, insurance, maintenance, and vacancy rates. Assuming a conservative estimate of 10% for these expenses, the net effective rent would be around $2,061 ($2,290 - 10%). Given the Zillow median price, this would result in a cash-on-cash return of about 10.2%, calculated as follows: \[ \text{Cash-on-Cash Return} = \left( \frac{\text{Net Effective Rent} \times 12}{\text{Property Price}} \right) \times 100 \] \[ \text{Cash-on-Cash Return} = \left( \frac{2061 \times 12}{242126} \right) \times 100 = 10.2\% \] This return is considered decent, but it is important to note that the actual market rent is lower than the FMR, meaning that landlords might face challenges in fully utilizing the voucher amount. Furthermore, the high price-to-FMR ratio of 8.8x suggests that the market is overvalued relative to the FMR, which could pose risks for long-term investment stability. In terms of investment grade, the high property values and relatively strong demand indicate a good investment opportunity. However, the reliance on Section 8 vouchers could limit the pool of potential tenants, making the investment more specialized and potentially riskier compared to areas with a broader tenant base. #### Specific Actionable Insights 1. **Focus on Units Below FMR**: Since the actual market rents are below the FMR, investors should focus on acquiring units that are priced at or slightly below the FMR. For example, a two-bedroom unit priced at $2,200 would be more attractive to voucher holders and could provide a better chance of securing tenants. 2. **Consider Multi-Family Properties**: Given the high occupancy rate and the significant percentage of renters, multi-family properties could offer a more stable and diversified income stream. Investors should look into acquiring apartment complexes or duplexes where they can spread the risk across multiple units. 3. **Understand Tenant Preferences**: To attract voucher holders, landlords must understand the preferences and needs of this demographic. Offering amenities like laundry facilities, parking, and proximity to public transportation could make a property more appealing to voucher holders. #### Bottom Line For Section 8-focused investors, the recommendation for ZIP code 33615 is to **Hold**. While the cash-on-cash return is decent, the high price-to-FMR ratio and the tight rental market present challenges. Investors should carefully evaluate the potential for finding tenants who can utilize the full voucher amount and consider the long-term risks associated with an overvalued market. If you are already invested in the area, maintaining your current portfolio may be the best strategy, as the demand for rentals remains strong. However, new investors should proceed with caution and ensure they can manage the complexities of the local rental market effectively.

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.