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 | $1,500 |
| 1 Bedroom | $1,550 |
| 2 Bedrooms | $1,800 |
| 3 Bedrooms | $2,300 |
| 4 Bedrooms | $2,800 |
| 5 Bedrooms | $3,248 |
| 6 Bedrooms | $3,638 |
| 7 Bedrooms | $3,929 |
| 8 Bedrooms | $4,125 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,550 | $194,480 | 0.8% | D |
| 2BR | $1,800 | $330,344 | 0.54% | F |
| 3BR | $2,300 | $426,409 | 0.54% | F |
| 4BR | $2,800 | $540,371 | 0.52% | F |
U.S. Census Bureau data (2024)
To determine if you should buy in ZIP code 33713 (Saint Petersburg, FL) for Section 8 investment, follow these steps:
Step 1: Can the Fair Market Rent (FMR) cover the debt service?
The FMR for ZIP 33713 in fiscal year 2024 is $1,890. To see if this clears the debt service on a property valued at $354,427, calculate your monthly mortgage payment including principal, interest, taxes, and insurance. If the total monthly debt service is less than $1,890, then the answer is yes. Otherwise, no.
Step 2: How does the Zillow Rent Index (ZORI) compare to the FMR?
The ZORI for this area is $2,070. This is above the FMR of $1,890, indicating that the market rent is higher than what the government will pay for Section 8. Therefore, if you plan to lease exclusively to Section 8 tenants, the answer is no because you won't be maximizing rental income potential. However, if you're open to a mixed portfolio of Section 8 and market-rate tenants, it depends on your overall investment strategy and risk tolerance.
Step 3: Is there sufficient demand for rental properties?
In ZIP 33713, 31.3% of residents are renters, and the days on market (DOM) average is 32 days. This suggests a relatively healthy rental market where properties are turning over quickly. If you can secure a mix of Section 8 and market-rate tenants, the answer is yes due to strong demand. However, if you're strictly looking for Section 8 tenants, it depends on the availability of vouchers and the competition for Section 8 properties in the area.
Summary: The decision to invest in ZIP 33713 for Section 8 hinges on your ability to cover debt service with the FMR of $1,890. The market rent being above the FMR indicates that focusing solely on Section 8 might not be optimal. With 31.3% of the population renting and a quick turnover rate of 32 days, there's good demand, but success will depend on balancing Section 8 and market-rate tenants and navigating voucher availability.
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.