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 | $1,780 |
| 1 Bedroom | $1,840 |
| 2 Bedrooms | $2,140 |
| 3 Bedrooms | $2,730 |
| 4 Bedrooms | $3,320 |
| 5 Bedrooms | $3,851 |
| 6 Bedrooms | $4,313 |
| 7 Bedrooms | $4,658 |
| 8 Bedrooms | $4,891 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,840 | $132,373 | 1.39% | A |
| 2BR | $2,140 | $192,470 | 1.11% | B |
| 3BR | $2,730 | $415,021 | 0.66% | D |
| 4BR | $3,320 | $695,361 | 0.48% | F |
| 5BR | $3,851 | $928,844 | 0.41% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 33761 in Clearwater, FL, for fiscal year 2024 is set at $2,000. This figure represents the maximum amount that the U.S. Department of Housing and Urban Development (HUD) will pay towards a tenant's rent under the Section 8 program. It is important to note that this is not the actual rent you would charge your tenants; it is the reimbursement standard.
In comparison, the local Zillow Observed Rent Index (ZORI) for the same area is $1,753. This means that the average market rent for similar properties is below the FMR. However, the FMR provides a safety net, ensuring that landlords receive a consistent, government-backed income even if market conditions fluctuate.
The 20.2% share of renters in the area indicates a significant demand for rental properties. With nearly one-fifth of the population renting, there is a strong likelihood of finding qualified tenants interested in Section 8 housing. This demand can help ensure steady occupancy and income.
If you are considering purchasing a property to use as a Section 8 rental, the median home value in ZIP 33761 is approximately $314,098. This figure reflects the typical price you might expect to pay for an existing property in the area. While this investment may seem substantial, the guaranteed income from the Section 8 program can provide a stable financial return over time.
Before making your final decision, it is crucial to verify that your property meets the minimum property standards set by HUD. These standards ensure that the rental unit is safe, decent, and sanitary for tenants. Compliance with these requirements is mandatory for participation in the Section 8 program.
To summarize, the FMR of $2,000 provides a solid reimbursement rate, while the local ZORI of $1,753 shows that market rents are lower. The 20.2% renter share points to a healthy demand for rentals, and the median home value of $314,098 gives a realistic idea of the investment required. Ensure your property meets HUD’s minimum standards before proceeding with a Section 8 rental in ZIP 33761.
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.