Section 8 Fair Market Rent (FMR) for ZIP 33810 - 2027

Investment Score for ZIP 33810

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,410
1 Bedroom	$1,500
2 Bedrooms	$1,800
3 Bedrooms	$2,470
4 Bedrooms	$3,010
5 Bedrooms	$3,492
6 Bedrooms	$3,911
7 Bedrooms	$4,224
8 Bedrooms	$4,435

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$1,800	$236,517	0.76%	D
3BR	$2,470	$306,515	0.81%	C
4BR	$3,010	$362,500	0.83%	C
5BR	$3,492	$487,696	0.72%	D

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 33810 (Lakeland, FL) #### Section 8 Voucher Dynamics In ZIP code 33810, the Fair Market Rent (FMR) for a two-bedroom apartment is set at $1680 per month. This figure represents 28.8% of the median household income of $69,986, which suggests that it is a reasonable rent amount for most residents. However, the actual rental market in Lakeland appears to be significantly higher than the FMR. The Zillow median price for a two-bedroom home is $237,454, which translates to a monthly mortgage payment of approximately $1,150 if financed over 30 years at a typical interest rate of 4%. Adding property taxes, insurance, and maintenance costs, the total monthly cost can easily exceed the FMR. The price-to-FMR ratio for a two-bedroom unit is 11.8x, indicating that the median home value is more than eleven times the FMR. This discrepancy highlights the challenge faced by Section 8 voucher holders who must find housing that meets both the size requirements and the rent ceiling. For example, a three-bedroom unit has an FMR of $2270, but the actual market price could be much higher, making it difficult for voucher holders to secure such units without significant out-of-pocket expenses. #### Affordability & Renter Profile ZIP 33810 has a population of 55,137, with 23.3% of the households being renters. The occupancy rate stands at 91.2%, suggesting that the rental market is relatively tight. Given the median household income of $69,986, the majority of residents can afford the FMRs for various-sized units. However, the high price-to-FMR ratio indicates that the rental market is not aligned with the FMRs, creating a potential affordability gap for lower-income residents. The renter profile in this area likely includes a mix of young professionals, families, and retirees. With a median income that is relatively modest, many renters may rely on Section 8 vouchers to manage their housing costs. The FMRs are designed to ensure that these residents can find affordable housing, but the reality of the market may make it challenging to do so. #### Investor Angle From an investor perspective, the ZIP code 33810 offers mixed opportunities. The FMRs provide a baseline for what the government will subsidize, but the actual market rents are much higher. An investor looking to capitalize on Section 8 vouchers would need to ensure that their rental properties are priced at or below the FMRs. For instance, a two-bedroom unit priced at $1680 per month would be considered cash-flow positive for a Section 8 voucher holder. However, the investor would need to consider the overall cost of ownership, including property taxes, insurance, and maintenance, to determine if the investment is truly profitable. If the total cost of ownership exceeds $1680, then the investor might face financial challenges despite the subsidy. The investment grade for this ZIP code would depend on the investor’s ability to manage costs effectively and attract tenants who qualify for Section 8 vouchers. Given the high price-to-FMR ratio, there is a risk that the market rents will continue to rise, putting pressure on the investor to either increase rents above the FMR or maintain lower rents to remain competitive. #### Specific Actionable Insights 1. **Focus on Units Below FMR:** Investors should focus on acquiring or developing properties that can be rented at or below the FMRs. For a two-bedroom unit, this means keeping the rent at $1680 or less. This strategy ensures that the units are attractive to Section 8 voucher holders and minimizes the risk of vacancy. 2. **Consider Property Size and Location:** Given the high price-to-FMR ratio, investors should carefully consider the size and location of the units they plan to rent. A three-bedroom unit with an FMR of $2270 might be more challenging to fill due to the limited number of voucher holders who can afford the additional space. Instead, focusing on one- and two-bedroom units could be more effective. 3. **Monitor Market Trends:** The tight occupancy rate of 91.2% suggests that the rental market is robust. However, investors should monitor trends closely to ensure that they can adjust their strategies if the market changes. For example, if the occupancy rate drops, it might indicate an oversupply of rental units, which could affect rental prices and demand. #### Bottom Line For Section 8-focused investors, the ZIP code 33810 presents a moderately favorable environment. The tight occupancy rate and the presence of a substantial number of renters suggest strong demand. However, the high price-to-FMR ratio poses a significant challenge. **Recommendation:** **Hold** Investors should hold onto properties that are already priced at or below the FMRs and carefully evaluate any new acquisitions. The current market conditions make it challenging to achieve high returns solely through Section 8 vouchers, but maintaining a portfolio of affordable units can still be financially viable. Additionally, investors should be prepared to adapt their strategies if market conditions change.

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.