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 | $1,520 |
| 1 Bedroom | $1,560 |
| 2 Bedrooms | $1,820 |
| 3 Bedrooms | $2,320 |
| 4 Bedrooms | $2,830 |
| 5 Bedrooms | $3,283 |
| 6 Bedrooms | $3,677 |
| 7 Bedrooms | $3,971 |
| 8 Bedrooms | $4,170 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,560 | $186,604 | 0.84% | C |
| 2BR | $1,820 | $326,042 | 0.56% | F |
| 3BR | $2,320 | $496,503 | 0.47% | F |
| 4BR | $2,830 | $1,022,874 | 0.28% | F |
| 5BR | $3,283 | $1,697,980 | 0.19% | F |
U.S. Census Bureau data (2024)
The economics of Section 8 in ZIP code 33707, which encompasses Gulfport, Florida, in Pinellas County, revolve around the SAFMR (Small Area Fair Market Rent) for a two-bedroom apartment, set at $1740 for fiscal year 2024. This SAFMR figure is specific to this ZIP code, reflecting the localized rental market conditions.
In contrast, the local market rent for a similar unit, as measured by ZORI (Zillow Observed Rent Index), stands at $2,181. This discrepancy highlights the difference between the government-set SAFMR and the actual market rates, which can influence a landlord's decision to participate in the program.
A Section 8 voucher in this context works by covering the difference between what a tenant can afford and the rent of the unit. Typically, the tenant is responsible for paying 30% of their adjusted income towards rent. For instance, if a tenant's monthly adjusted income is $1,500, they would pay $450 towards rent. The remaining amount up to the SAFMR limit is covered by the housing authority, plus any applicable utility allowances.
In ZIP 33707, the housing authority will reimburse the landlord up to $1740 per month for a two-bedroom apartment. If the tenant's portion is $450, then the housing authority would cover the rest, up to the maximum limit. In this case, the housing authority would pay $1290 ($1740 - $450).
If the landlord charges the full local market rent of $2,181, there would be a significant shortfall, as the housing authority only reimburses up to $1740. This leaves a reimbursement gap of $441 per month, which the landlord must either absorb or attempt to collect from the tenant.
To summarize, a landlord in ZIP 33707 who rents a two-bedroom apartment to a tenant with a Section 8 voucher can expect a reimbursement of up to $1740 per month, depending on the tenant's income. Given the local market rent of $2,181, participating in the Section 8 program would result in a reimbursement gap of $441 per month, unless the landlord adjusts the rent to align closer with the SAFMR.
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.