Location: Lakeland-Winter Haven, FL | Metro: Lakeland-Winter Haven, FL MSA
| 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 |
U.S. Census Bureau data (2024)
The ZIP code 33847 is situated in a compact neighborhood with a total population of 442 residents. Nearly half of the residents—49.4%—are renters, indicating a modest but present demand for rental properties. The median income in this area stands at $67,955, suggesting that it is a middle-income community where residents have a reasonable level of disposable income.
Despite the lack of data on median home values, the rental market provides valuable insights. According to the latest Fair Market Rent (FMR) guidelines for fiscal year 2024, the FMR for ZIP 33847 is set at $1,050. This figure contrasts sharply with the actual market rent, which is recorded at $699 according to the Census Bureau's American Community Survey (ACS).
This disparity between the FMR and the market rent presents a unique opportunity for investors. For those seeking a hands-off approach as a Section 8 voucher operator, the area offers a chance to secure steady, government-backed rental income without the need for extensive property management. The difference between the FMR and market rent could also allow for some flexibility in setting rents above the typical market rate while still being within the bounds of the voucher program.
On the other hand, for hands-on investors looking to add value, the lower market rent suggests potential for increasing rental income through renovations and improvements. However, the small population size and limited data on home values indicate that the upside might be constrained compared to larger markets. It would require careful consideration of the local market dynamics and a strategic approach to property enhancement.
In summary, ZIP 33847 is a niche market suitable for both hands-off and hands-on investors, depending on their investment goals and risk tolerance. The significant gap between the FMR and the market rent offers a compelling reason to explore opportunities in this ZIP code, whether through straightforward rental operations or more active property management strategies.
Data Sources: FMR data from HUD (2027). 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.