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 | $2,010 |
| 1 Bedroom | $2,070 |
| 2 Bedrooms | $2,410 |
| 3 Bedrooms | $3,080 |
| 4 Bedrooms | $3,740 |
| 5 Bedrooms | $4,338 |
| 6 Bedrooms | $4,859 |
| 7 Bedrooms | $5,248 |
| 8 Bedrooms | $5,510 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $2,070 | $205,747 | 1.01% | B |
| 2BR | $2,410 | $449,503 | 0.54% | F |
| 3BR | $3,080 | $771,679 | 0.4% | F |
| 4BR | $3,740 | $1,079,264 | 0.35% | F |
| 5BR | $4,338 | $1,824,697 | 0.24% | F |
U.S. Census Bureau data (2024)
The median income in ZIP 33708, located in Saint Petersburg, Florida, stands at $82,500. This figure provides a baseline for assessing whether households can afford the market rate rent of $2,112 per month, known as the ZORI (Zillow Observed Rent Index).
To put this into perspective, consider that a household earning the median income would spend approximately 30% of their monthly income on rent at the ZORI rate. This calculation is based on the assumption that a household spends around one-third of its income on housing, which is a common benchmark. However, the actual market rent of $2,112 is below the Fair Market Rent (FMR) set for the area, which is $2,370 for zip code 33708 in fiscal year 2024.
With 24.2% of the population renting and a total population of 15,060, there are roughly 3,640 renters in the area. The affordability gap between the median income and the market rate rent suggests that many renters might find it challenging to pay the ZORI without financial assistance. This gap creates a competitive environment for landlords, as they must balance the need for higher rents against the reality of what local renters can afford.
The FMR of $2,370 represents the maximum amount that Housing Choice Vouchers will cover for rent in the area. Landlords who accept vouchers can expect to receive this amount, which is slightly above the market rate. However, landlords should also be aware that voucher holders often have different needs and expectations compared to cash-paying tenants.
Takeaway: For landlords considering their strategy, accepting vouchers could provide a steady stream of rental income, albeit slightly above the market rate. However, landlords should weigh this against the administrative burden and the potential for longer vacancy periods due to the vetting process. Cash-paying tenants might offer lower rents but could provide greater flexibility and potentially less paperwork. Landlords should assess their property management capabilities and the specific dynamics of the ZIP 33708 rental market before deciding on their tenant mix strategy.
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.