Location: Lakeland-Winter Haven, FL | Metro: Lakeland-Winter Haven, FL MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,260 |
| 1 Bedroom | $1,340 |
| 2 Bedrooms | $1,610 |
| 3 Bedrooms | $2,210 |
| 4 Bedrooms | $2,690 |
| 5 Bedrooms | $3,120 |
| 6 Bedrooms | $3,494 |
| 7 Bedrooms | $3,774 |
| 8 Bedrooms | $3,963 |
ZIP code 33882 is located in Winter Haven, FL. The median income data for the area is currently unavailable, which makes it challenging to assess the overall financial capacity of the local households. However, the median household income for Florida was $61,500 as of 2024, according to the Federal Reserve Bank of St. Louis.
The market rate for housing in Winter Haven is also not specified, but the average property price is around $348,253 based on recent data from Mashvisor. This figure suggests that the cost of living in Winter Haven can be relatively high compared to the state median income.
For those relying on Section 8 vouchers, the Fair Market Rent (FMR) for ZIP 33882 is set at $1250 for fiscal year 2024. This standard is significantly lower than the typical market rate, indicating a substantial affordability gap for low-income households.
The exact percentage of renters and total population for ZIP 33882 is not provided, but it's reasonable to infer that the affordability gap could lead to intense competition among landlords for tenants who can pay market rates. Landlords may find themselves in a position where accepting voucher payments is necessary to fill units, given the limited financial resources of many potential tenants.
Takeaway for landlords: Given the high market rate and the FMR of $1250, landlords must carefully consider their tenant acquisition strategy. Accepting voucher payments can ensure steady rental income, albeit at a lower rate than market rents. However, focusing on cash-paying tenants who can afford higher rents might yield better returns, though it comes with the risk of longer vacancy periods due to the scarcity of such tenants. Balancing these approaches based on the local demand and financial situation is key to maintaining a profitable portfolio in Winter Haven.
Data Sources: FMR data from HUD (2027).
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.