Location: Tampa-St. Petersburg-Clearwater, FL | Metro: Tampa-St. Petersburg-Clearwater, FL MSA
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,180 |
| 1 Bedroom | $2,250 |
| 2 Bedrooms | $2,620 |
| 3 Bedrooms | $3,350 |
| 4 Bedrooms | $4,070 |
| 5 Bedrooms | $4,721 |
| 6 Bedrooms | $5,288 |
| 7 Bedrooms | $5,711 |
| 8 Bedrooms | $5,997 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $2,250 | $167,275 | 1.35% | A |
| 2BR | $2,620 | $274,107 | 0.96% | C |
| 3BR | $3,350 | $487,616 | 0.69% | D |
| 4BR | $4,070 | $729,030 | 0.56% | F |
| 5BR | $4,721 | $970,560 | 0.49% | F |
U.S. Census Bureau data (2024)
The median income in ZIP 33626, Westchase, Florida, stands at $127,118. This figure provides insight into the economic profile of the area, but when compared to the market rate rent of $2,106 (ZORI), it becomes evident that affordability is a significant concern for many households. The monthly market rent represents a substantial portion of the average household's income, potentially straining budgets.
Furthermore, the Housing Choice Voucher program, commonly known as Section 8, sets the Fair Market Rent (FMR) for the zip code at $2,540 for fiscal year 2024. This amount is higher than the ZORI, indicating that landlords who accept vouchers could receive slightly higher rents than those relying solely on market rates. However, the difference between the median income and both the ZORI and FMR highlights a notable affordability gap.
In ZIP 33626, with a population of 30,575 and 32.1% of residents being renters, the competition among landlords is likely influenced by this gap. Households may prioritize finding rental properties that offer lower costs, pushing landlords to consider pricing strategies that align with the financial capabilities of their tenants.
The takeaway for landlords considering voucher versus cash-pay strategies is clear: while accepting vouchers can provide a steady income stream at a rate slightly above the market, the decision should be made based on an understanding of the local affordability landscape. Given the high median income and the significant portion of it required to cover even the market rate rent, landlords might find that voucher tenants represent a stable and attractive option. However, cash-paying tenants may prefer properties that offer additional value or amenities, which landlords could leverage to attract them despite the higher cost relative to income.
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.