Location: Tampa-St. Petersburg-Clearwater, FL | Metro: Lakeland-Winter Haven, 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 | $1,420 |
| 1 Bedroom | $1,510 |
| 2 Bedrooms | $1,820 |
| 3 Bedrooms | $2,500 |
| 4 Bedrooms | $3,040 |
| 5 Bedrooms | $3,526 |
| 6 Bedrooms | $3,949 |
| 7 Bedrooms | $4,265 |
| 8 Bedrooms | $4,478 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,820 | $233,919 | 0.78% | D |
| 3BR | $2,500 | $312,484 | 0.8% | C |
| 4BR | $3,040 | $398,557 | 0.76% | D |
| 5BR | $3,526 | $495,064 | 0.71% | D |
U.S. Census Bureau data (2024)
The economics of Section 8 housing in ZIP code 33809, which encompasses Lakeland, FL, and parts of Polk County, are straightforward. For a two-bedroom apartment, the SAFMR (Small Area Fair Market Rent) is set at $1370 for fiscal year 2024. This SAFMR figure is specifically tailored for this ZIP code, reflecting the localized rental market conditions.
In contrast, the local market rent for a similar unit is higher, running at $1630 according to ZORI (Zillow Observed Rent Index). This difference highlights the premium landlords might expect over the SAFMR rate.
A Section 8 voucher works by covering the gap between the SAFMR and the tenant's portion of the rent, which is typically 30% of their income. For example, if a tenant's monthly income is $1000, their portion would be $300. The remaining amount up to the SAFMR is then covered by the voucher program, along with any utility allowances.
In ZIP 33809, the total reimbursement for a landlord from the voucher program for a two-bedroom apartment would be the SAFMR rate minus the tenant's portion plus the utility allowance. Assuming a standard utility allowance of $200, the reimbursement formula looks like this:
$1370 (SAFMR) - $300 (tenant's portion) + $200 (utility allowance) = $1270.
This means that landlords in ZIP 33809 can expect to receive $1270 per month from the voucher program for a two-bedroom unit, which is less than the local market rent. The gap between the local market rent and the reimbursement rate is $360 per month ($1630 - $1270).
To summarize, landlords participating in Section 8 for a two-bedroom apartment in ZIP 33809 will have a reimbursement rate of $1270, leading to a shortfall of $360 compared to the local market rent. This economic reality underscores the need for landlords to carefully consider the financial implications before enrolling 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.