Section 8 Fair Market Rent (FMR) for ZIP 33619 - 2027

Investment Score for ZIP 33619

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	$1,750
1 Bedroom	$1,810
2 Bedrooms	$2,100
3 Bedrooms	$2,680
4 Bedrooms	$3,260
5 Bedrooms	$3,782
6 Bedrooms	$4,236
7 Bedrooms	$4,575
8 Bedrooms	$4,804

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	$1,810	$153,091	1.18%	B
2BR	$2,100	$236,827	0.89%	C
3BR	$2,680	$295,739	0.91%	C
4BR	$3,260	$342,948	0.95%	C
5BR	$3,782	$415,352	0.91%	C

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 33619 (Tampa, FL) #### Section 8 Voucher Dynamics In ZIP code 33619, the Fair Market Rent (FMR) for a two-bedroom apartment is set at $2,230 per month for 2026. This amount represents 40.5% of the median household income in the area, which stands at $66,134. However, it is important to note that the actual rent prices can be significantly higher. The Zillow median price for a two-bedroom home in this ZIP code is $236,367, indicating a price-to-FMR ratio of 8.8x. This means that the actual rental costs could be much higher than the FMR, potentially creating a challenge for Section 8 voucher holders who are limited by the FMR caps. For instance, a voucher holder looking for a three-bedroom unit would have a maximum allowable rent of $2,850, but the actual market rent could easily exceed this amount. This discrepancy between FMR and actual rents constrains voucher holders to a smaller pool of available properties, particularly those that are priced closer to the FMR. #### Affordability & Renter Profile The ZIP code has a high percentage of renters at 49.2%, indicating a significant demand for rental housing. With a population of 41,396 and an occupancy rate of 93.5%, it suggests that the market is relatively tight, with most units being occupied. Given the median household income of $66,134, the affordability of housing is a critical issue for many residents. The FMR for a two-bedroom unit is only 40.5% of the median income, which is relatively affordable compared to other areas. However, the actual rental costs are much higher, making it difficult for low-income households to find suitable housing without assistance. The high renter percentage and occupancy rate indicate a robust demand for rental properties, but the gap between FMR and actual rents suggests that the market is not oversupplied. Instead, there is a clear mismatch between what voucher holders can afford and what is available on the market. #### Investor Angle From an investor perspective, the ZIP code offers potential opportunities if the focus is on properties that align closely with the FMR. For example, a two-bedroom unit priced at the FMR of $2,230 would be attractive to Section 8 voucher holders. However, given the price-to-FMR ratio of 8.8x, it is likely that many properties are priced well above the FMR, reducing their attractiveness to voucher holders. To determine if the ZIP code is cash-flow positive at FMR, we need to consider the typical expenses associated with rental properties. These include mortgage payments, property taxes, insurance, maintenance, and other operational costs. Assuming a conservative estimate of 70% of the FMR going towards these expenses, a two-bedroom unit at $2,230 would leave approximately $669 in monthly cash flow for the investor. This is calculated as follows: \[ \text{Cash Flow} = \text{FMR} - (\text{FMR} \times 0.7) \] \[ \text{Cash Flow} = \$2,230 - (\$2,230 \times 0.7) \] \[ \text{Cash Flow} = \$2,230 - \$1,561 \] \[ \text{Cash Flow} = \$669 \] This calculation assumes that the property is financed with a mortgage and other typical expenses. If the property is owned outright, the cash flow would be even higher. However, the high price-to-FMR ratio indicates that the investment grade might be lower due to the difficulty in finding tenants who can pay the full market rent without assistance. #### Specific Actionable Insights 1. **Focus on Properties Below FMR**: Investors should target properties that are priced below or at the FMR levels. For instance, a two-bedroom unit priced at $2,230 or less would be more attractive to Section 8 voucher holders and could provide a steady stream of income. 2. **Consider Smaller Units**: Given the constraints of the FMR, smaller units such as one-bedroom apartments ($1,910 FMR) might be easier to lease to voucher holders. These units are also likely to have lower acquisition costs, making them more financially viable for investors. 3. **Utilize Renovation Strategies**: Investors could consider purchasing properties that are slightly above the FMR and renovating them to increase their appeal while keeping the rent within the FMR range. This strategy could help in attracting voucher holders and maintaining occupancy rates. #### Bottom Line For Section 8-focused investors, the ZIP code 33619 presents a mixed picture. While there is a strong demand for rental housing, the high price-to-FMR ratio makes it challenging to find properties that are both affordable and profitable. Therefore, the recommendation for investors is to **Hold** unless they can identify properties that are priced below or at the FMR levels. Investing in properties that are already close to or below the FMR would be more likely to yield positive cash flows and maintain occupancy rates. In summary, the key points are: - High renter percentage and occupancy rate suggest strong demand. - Significant gap between FMR and actual rents limits options for voucher holders. - Focus on properties priced at or below FMR for better returns. - Consider smaller units and renovation strategies to improve profitability. ZIP 33619 is a viable market for Section 8-focused investors, but careful selection of properties is crucial to ensure success.

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.