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 | $1,380 |
| 1 Bedroom | $1,430 |
| 2 Bedrooms | $1,660 |
| 3 Bedrooms | $2,120 |
| 4 Bedrooms | $2,580 |
| 5 Bedrooms | $2,993 |
| 6 Bedrooms | $3,352 |
| 7 Bedrooms | $3,620 |
| 8 Bedrooms | $3,801 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,430 | $109,846 | 1.3% | A |
| 2BR | $1,660 | $254,032 | 0.65% | D |
| 3BR | $2,120 | $342,457 | 0.62% | D |
| 4BR | $2,580 | $404,180 | 0.64% | D |
U.S. Census Bureau data (2024)
The analysis of ZIP code 33781, located in Pinellas Park, FL, within the Tampa-St. Petersburg-Clearwater, FL MSA, reveals several key points for landlords and small-portfolio investors.
The first question addresses whether the rent math works. The Fair Market Rent (FMR) for ZIP 33781 in fiscal year 2024 is set at $1,540, while the Zillow Observed Rent Index (ZORI) indicates a market rent of $1,906. This means that landlords can expect to receive $366 more per month than the FMR, making it financially viable to rent properties to tenants who qualify under Section 8.
The second question concerns the affordability of property acquisition. With a median home value of $300,950, the cost of purchasing a home in this area is moderate. The 36-day Days on Market (DOM) suggests that homes are selling relatively quickly, indicating a healthy market turnover. Additionally, only 0.3% of listings have been subject to price cuts, which is a very low percentage, signaling strong seller's market conditions and suggesting that acquiring properties in this ZIP code is reasonably affordable.
The third question focuses on tenant demand. The population of ZIP 33781 is 28,072, with 35.6% of residents being renters. This significant portion of the population seeking rental housing indicates a robust demand for rental properties. Given these figures, landlords can be confident in finding tenants willing to pay the market rate for housing.
In conclusion, ZIP 33781 presents a favorable environment for Section 8 real estate investments. The difference between the FMR and market rent ensures positive cash flow, while the median home value and quick sales indicate an affordable acquisition process. Furthermore, the high renter share among the local population guarantees a steady stream of potential tenants, making this ZIP code a promising investment opportunity for landlords and small-portfolio investors.
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.