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 | $1,530 |
| 1 Bedroom | $1,580 |
| 2 Bedrooms | $1,840 |
| 3 Bedrooms | $2,350 |
| 4 Bedrooms | $2,860 |
| 5 Bedrooms | $3,318 |
| 6 Bedrooms | $3,716 |
| 7 Bedrooms | $4,013 |
| 8 Bedrooms | $4,214 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,580 | $103,003 | 1.53% | A+ |
| 2BR | $1,840 | $309,892 | 0.59% | F |
| 3BR | $2,350 | $449,200 | 0.52% | F |
| 4BR | $2,860 | $588,028 | 0.49% | F |
| 5BR | $3,318 | $818,144 | 0.41% | F |
U.S. Census Bureau data (2024)
The ZIP code 33772 in Seminole, FL, is home to 23,733 residents, with 27.1% being renters. This indicates that while there is a significant rental population, it is not overwhelmingly dominated by renters. The median household income stands at $73,586, which provides a benchmark for assessing the affordability of housing in the area.
The market rent for the area is $2,055, which equates to approximately 28.6% of the median household income. This percentage is calculated by dividing the market rent by the median income ($2,055 / $73,586 = 0.28), then multiplying by 100 to get the percentage. Given that the Fair Market Rent (FMR) as set by HUD for FY 2024 is $1,860, the actual market rent exceeds this figure by about $195, suggesting that landlords might face some challenges in attracting tenants who rely solely on Section 8 vouchers.
To determine the depth of voucher demand, consider that the FMR is designed to reflect the 40th percentile of rent for standard quality rental units in an area. In ZIP 33772, the gap between the FMR and market rent implies that tenants receiving vouchers may struggle to find units that fit their budget. However, the presence of a substantial rental population suggests there could still be a reasonable demand for Section 8 tenants, albeit at rates closer to the FMR.
A landlord in ZIP 33772 can expect tenants who are likely to have additional sources of income beyond just their Section 8 voucher. To remain competitive and attract these tenants, landlords should consider offering units at or near the FMR of $1,860. Additionally, maintaining high-quality properties will be crucial, as the slightly higher income levels indicate a preference for better amenities and living conditions among the rental population.
In summary, ZIP 33772 has a notable rental market, but the income levels suggest that tenants will need supplementary income to afford market rents. Landlords should focus on meeting the needs of a mixed-income tenant pool, with an emphasis on providing units that align with the FMR to effectively participate in the Section 8 program.
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.