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 | $1,720 |
| 1 Bedroom | $1,770 |
| 2 Bedrooms | $2,060 |
| 3 Bedrooms | $2,630 |
| 4 Bedrooms | $3,200 |
| 5 Bedrooms | $3,712 |
| 6 Bedrooms | $4,157 |
| 7 Bedrooms | $4,490 |
| 8 Bedrooms | $4,715 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,770 | $257,570 | 0.69% | D |
| 2BR | $2,060 | $509,786 | 0.4% | F |
| 3BR | $2,630 | $993,775 | 0.26% | F |
| 4BR | $3,200 | $1,556,354 | 0.21% | F |
| 5BR | $3,712 | $2,191,831 | 0.17% | F |
U.S. Census Bureau data (2024)
The market analysis for Section 8 investors in ZIP code 33706, located in Saint Pete Beach, FL, within Pinellas County and the Tampa-St. Petersburg-Clearwater, FL MSA, reveals several key insights. The HUD Fair Market Rent (FMR) for the area is set at $1910 for the fiscal year 2024. In contrast, the market rent, measured by Zillow's Owner Occupied Rental Index (ZORI), stands at $2,343 per month. This difference indicates that voucher tenants will only cashflow at the FMR rate when renting out premium units, which are typically more expensive than the average rental unit.
To further understand the investment landscape, consider the median home value of $564,944. Using this figure, we can derive the rent-to-price ratio, which is approximately 0.41%. This ratio suggests that rental income is relatively low compared to the high property values in the area. For investors looking to balance between rental income and potential appreciation, this metric highlights the importance of focusing on areas where property values might rise, rather than relying solely on rental income.
The median Days on Market (DOM) for properties in this ZIP code is 68 days, and the share of listings that have had their prices cut is 0.3%. These figures indicate a stable and efficient real estate market, where properties sell quickly and without significant price reductions. This stability can be particularly advantageous for investors who prefer predictable outcomes and minimal risk.
In conclusion, the strongest angle for Section 8 investors in ZIP 33706 is likely to be stability, given the quick sales and low price-cut rates. However, appreciation remains a viable strategy due to the high median home values and the potential for future increases in property prices.
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.