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 | $1,930 |
| 1 Bedroom | $1,990 |
| 2 Bedrooms | $2,320 |
| 3 Bedrooms | $2,960 |
| 4 Bedrooms | $3,600 |
| 5 Bedrooms | $4,176 |
| 6 Bedrooms | $4,677 |
| 7 Bedrooms | $5,051 |
| 8 Bedrooms | $5,304 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,990 | $125,221 | 1.59% | A+ |
| 2BR | $2,320 | $190,893 | 1.22% | A |
| 3BR | $2,960 | $372,536 | 0.79% | D |
| 4BR | $3,600 | $543,051 | 0.66% | D |
| 5BR | $4,176 | $654,178 | 0.64% | D |
U.S. Census Bureau data (2024)
ZIP code 33647, located in the New Tampa area, is characterized by master-planned communities and a family-friendly suburban atmosphere. This neighborhood offers a blend of residential tranquility and convenient access to major economic hubs. A key anchor for local employment and stability is the University of South Florida (USF), situated just south of this zip code, which provides a steady stream of faculty, staff, and healthcare workers to the rental pool.
From a numerical perspective, the HUD Fair Market Rent (FMR) for a 2-bedroom unit in FY2026 is $2,510, which compares to a market rent of $1,853. This results in a gap of $657, meaning market rates currently trail the FMR benchmark. The median home value stands at $466,223, while properties sit on the market for a median of 77 days. Consequently, voucher tenants do not currently cash-flow here based on standard market performance; to achieve the FMR, an investor would need to secure rent well above the prevailing Zillow index.
The tenant pool is robust, supported by a 38.4% renter share and a high median household income of $109,285. This income level suggests that residents can afford quality housing, yet the renter share indicates consistent demand. The area is served by highly-rated schools within the Hillsborough County Public School system and features ample retail amenities, making it attractive for long-term tenancies.
The strongest investor angle here is stability and appreciation rather than immediate cash flow. With a median 2BR sale price of $193,869 and home values at $466,223, the equity potential is significant. The high median income and institutional presence of USF provide a safety net for vacancies, favoring investors seeking capital preservation over aggressive Section 8 premiums.
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.