Location: Hardee County, 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 | $1,110 |
| 1 Bedroom | $1,110 |
| 2 Bedrooms | $1,350 |
| 3 Bedrooms | $1,830 |
| 4 Bedrooms | $2,260 |
| 5 Bedrooms | $2,622 |
| 6 Bedrooms | $2,937 |
| 7 Bedrooms | $3,172 |
| 8 Bedrooms | $3,331 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,350 | $138,529 | 0.97% | C |
| 3BR | $1,830 | $212,840 | 0.86% | C |
| 4BR | $2,260 | $299,176 | 0.76% | D |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 33834, Bowling Green, Florida, for fiscal year 2024 is set at $960. This figure represents the maximum amount the U.S. Department of Housing and Urban Development (HUD) will pay toward a tenant's rent through the Section 8 program. It is important to note that this is not the rent you would charge your tenants; it is the payment standard HUD uses.
In comparison, the average market rent for the area, according to the Census Bureau's American Community Survey (ACS), is $1,014. This suggests that the market rent is slightly higher than the FMR, meaning landlords participating in the Section 8 program might receive a subsidy that is less than the typical rent in the area. However, the difference is relatively small, making it a viable option for those looking to enter the Section 8 rental market.
Bowling Green has a renter share of 27.8%, indicating a moderate demand for rental properties. While this percentage is not extremely high, it does suggest that there is a significant number of renters who could potentially benefit from Section 8 assistance. This can be particularly useful if you are targeting a specific demographic that relies on government housing assistance.
The median home value in the area is approximately $197,430. This figure provides insight into the acquisition cost of a property in ZIP 33834. If you are considering purchasing a property for your first Section 8 rental, this price point can help you estimate your initial investment and the potential return on investment given the local rental market conditions.
Before proceeding with a Section 8 rental property in Bowling Green, ensure you verify the physical condition of the property against HUD’s Housing Quality Standards (HQS). This inspection is crucial because it determines whether the property meets the minimum standards required for participation in the program. Failure to comply with these standards can result in reduced payments or even termination from the program.
To summarize, the FMR of $960 is the payment ceiling for Section 8 subsidies, while the local average rent of $1014 shows a slight premium in the market. With a 27.8% renter share, there is a reasonable demand for rentals, and the median home value of $197,430 gives an idea of the property cost. Ensure the property passes the HQS inspection to avoid future complications.
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.