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 | $1,460 |
| 1 Bedroom | $1,500 |
| 2 Bedrooms | $1,750 |
| 3 Bedrooms | $2,240 |
| 4 Bedrooms | $2,720 |
| 5 Bedrooms | $3,155 |
| 6 Bedrooms | $3,534 |
| 7 Bedrooms | $3,817 |
| 8 Bedrooms | $4,008 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,500 | $101,697 | 1.47% | A |
| 2BR | $1,750 | $173,975 | 1.01% | B |
| 3BR | $2,240 | $401,174 | 0.56% | F |
| 4BR | $2,720 | $445,320 | 0.61% | D |
U.S. Census Bureau data (2024)
The economics of Section 8 housing in ZIP code 33763, Clearwater, FL, within Pinellas County, are defined by the SAFMR (Small Area Fair Market Rent) and the local market rent rates. For a two-bedroom apartment, the SAFMR for FY 2024 is set at $1790. This figure is specific to this ZIP code and reflects the rental subsidy amount determined by HUD for the area.
Local market rents, as measured by ZORI (Zillow Observed Rent Index), stand at $1930 for a similar two-bedroom unit. This indicates that landlords can expect to charge slightly above the SAFMR if they choose to rent their properties on the open market without participating in the Section 8 program.
When a landlord accepts a Section 8 voucher, the payment process involves both the tenant's contribution and the government's subsidy. Tenants typically pay 30% of their adjusted income towards rent. In ZIP 33763, assuming an average adjusted income, the tenant portion would be around $537, which is 30% of the SAFMR. Additionally, there is a utility allowance that varies but is generally around $200 per month for a two-bedroom apartment.
The total reimbursement to the landlord from the Section 8 program would be the sum of the tenant's portion and the government subsidy. Therefore, the landlord receives $1790 (government subsidy) plus approximately $537 (tenant's share), totaling about $2327 before utility allowances. Adding the utility allowance brings the total reimbursement to roughly $2527 per month.
Given that the local market rent is $1930, landlords participating in the Section 8 program in ZIP 33763 can expect a surplus of about $597 per month, considering the utility allowance. This surplus is significant and provides a clear financial incentive for landlords to accept Section 8 vouchers, as it exceeds the market rent by a considerable margin.
To summarize, the typical reimbursement gap for a two-bedroom apartment in ZIP 33763 is a surplus of $597 per month when the landlord factors in the tenant's portion and utility allowances. This makes Section 8 participation financially beneficial for landlords in this specific ZIP code.
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.