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 | $1,860 |
| 1 Bedroom | $1,920 |
| 2 Bedrooms | $2,230 |
| 3 Bedrooms | $2,850 |
| 4 Bedrooms | $3,460 |
| 5 Bedrooms | $4,014 |
| 6 Bedrooms | $4,496 |
| 7 Bedrooms | $4,856 |
| 8 Bedrooms | $5,099 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,230 | $248,335 | 0.9% | C |
| 3BR | $2,850 | $346,817 | 0.82% | C |
| 4BR | $3,460 | $405,510 | 0.85% | C |
U.S. Census Bureau data (2024)
The median income in ZIP 33782, Pinellas Park, Florida, stands at $66,461. Considering the market rate for rent, which is $2,029 (ZORI), it becomes evident that affording this rental price is a significant challenge for many households. To put this into perspective, a household earning the median income would need to allocate approximately 36.5% of their gross monthly income to cover the market rent.
In contrast, the Housing Choice Voucher Program offers a more affordable option. The Fair Market Rent (FMR) for the area in fiscal year 2024 is set at $2,070. This means that voucher holders can find units up to this amount, providing landlords with a guaranteed income stream that closely matches the market rate.
With 25.6% of the population being renters and a total population of 22,461, the competition among landlords is notable. The affordability gap between the median income and the market rent rate suggests that there is a substantial portion of the rental market that relies on government assistance such as vouchers to find housing. This reliance on subsidies creates a unique dynamic where landlords must weigh the benefits of accepting vouchers against the potential of renting to cash-paying tenants.
Accepting vouchers can provide steady, reliable income through the government's assistance program, ensuring that the rent is paid on time and in full. However, the strategy should be carefully considered as voucher payments are typically lower than the market rate, even though they are close in ZIP 33782. For landlords looking to maximize their profits, focusing on cash-paying tenants might seem more attractive, but this segment is limited due to the high rent-to-income ratio.
The takeaway for landlords is that while there is an opportunity to rent at market rates, the significant affordability gap means that many potential tenants will require assistance. Therefore, landlords should consider a balanced approach, offering some units at voucher-friendly rates to ensure occupancy, while also targeting higher-income individuals who can afford the $2,029 market rate. This dual strategy can help mitigate risks associated with vacancy and ensure a stable income stream.
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.