Section 8 Fair Market Rent (FMR) for ZIP 33624 - 2027

Investment Score for ZIP 33624

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	$1,760
1 Bedroom	$1,810
2 Bedrooms	$2,110
3 Bedrooms	$2,700
4 Bedrooms	$3,280
5 Bedrooms	$3,805
6 Bedrooms	$4,262
7 Bedrooms	$4,603
8 Bedrooms	$4,833

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	$1,810	$154,657	1.17%	B
2BR	$2,110	$253,367	0.83%	C
3BR	$2,700	$401,276	0.67%	D
4BR	$3,280	$521,689	0.63%	D
5BR	$3,805	$715,000	0.53%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 33624 (Greater Carrollwood, FL) #### Section 8 Voucher Dynamics The Fair Market Rent (FMR) for ZIP code 33624, as per the 2026 data, is set at $2210 for a two-bedroom apartment. This represents 30.2% of the median household income of $87,760 in the area. However, the actual rental market in Greater Carrollwood is significantly higher. The Zillow median price for a two-bedroom home is $253,020, which translates into a monthly rent that is approximately 9.5 times the FMR. This means that the typical rent for a two-bedroom unit could be around $2108.50 ($253,020 divided by 12 months), which is notably above the FMR of $2210. Given these figures, Section 8 voucher holders face significant constraints. The maximum allowable rent under the voucher program is capped at the FMR, making it challenging for them to find suitable housing in Greater Carrollwood. For instance, a three-bedroom apartment with an FMR of $2830 would still be far below the actual market rent, likely leading to a scarcity of available units for voucher holders. #### Affordability & Renter Profile With a population of 41,346 and a renter percentage of 33.1%, Greater Carrollwood has a substantial number of renters, approximately 13,677 individuals. The occupancy rate of 97.8% suggests that the rental market is quite tight, with very few vacant units available. This high occupancy rate indicates strong demand, which is further supported by the high price-to-FMR ratio of 9.5x. The median household income of $87,760 implies that many residents can afford higher rents, but the 33.1% who are renters might struggle to find affordable housing. The fact that 2BR FMR is only 30.2% of the median income highlights the affordability gap for lower-income residents. Given the high market rents, it is likely that most renters in this area are middle-class individuals who can afford the higher costs, leaving little room for low-income families. #### Investor Angle From an investor perspective, the ZIP code 33624 presents a mixed picture. While the actual rental rates are high, the cash flow potential for properties rented to Section 8 voucher holders is limited due to the strict rent caps imposed by the FMR. A two-bedroom apartment, for example, would have a maximum rent of $2210 under the voucher program, while the market rent could be closer to $2108.50 per month. This makes it difficult for investors to achieve positive cash flow when relying solely on Section 8 vouchers. However, there is potential for positive cash flow if investors can attract non-voucher tenants willing to pay the market rates. The high occupancy rate and strong demand suggest that there is a good chance of finding such tenants. The investment grade in this area would be considered moderate to high, given the strong rental demand and relatively high median household income, which supports higher rental prices. #### Specific Actionable Insights 1. **Target Non-Voucher Tenants**: Investors should focus on attracting non-voucher tenants who can pay market rates. Given the high occupancy rate and the likelihood of middle-class residents, this strategy can yield better returns. For example, a two-bedroom property could potentially rent for $2108.50 per month, compared to the FMR cap of $2210 for voucher holders. 2. **Consider Property Upgrades**: Since the market rents are significantly higher than the FMR, investing in property upgrades to increase the rental value can be beneficial. Improvements such as modern kitchens, updated bathrooms, and energy-efficient appliances can justify higher rents and improve the chances of attracting non-voucher tenants. 3. **Diversify Tenant Base**: To mitigate the risk of relying solely on Section 8 vouchers, investors should consider diversifying their tenant base. This can include a mix of voucher and non-voucher tenants, as well as potentially offering short-term rentals through platforms like Airbnb during periods of low occupancy. #### Bottom Line For Section 8-focused investors, the recommendation for ZIP code 33624 is to **Skip**. The high market rents and the tight rental market make it challenging to find properties that can generate positive cash flow under the FMR caps. Instead, investors should look for areas where the FMR is closer to the actual market rents, allowing for better alignment between voucher caps and tenant needs. However, for investors willing to target a broader range of tenants and potentially upgrade properties to command higher rents, the recommendation is **Hold**. The strong rental demand and high median household income support a robust market, but careful consideration of the tenant mix will be crucial for success.

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.