Section 8 Fair Market Rent (FMR) for ZIP 33905 - 2027

Investment Score for ZIP 33905

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	$1,480
1 Bedroom	$1,490
2 Bedrooms	$1,770
3 Bedrooms	$2,310
4 Bedrooms	$2,560
5 Bedrooms	$2,970
6 Bedrooms	$3,326
7 Bedrooms	$3,592
8 Bedrooms	$3,772

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
1BR	$1,490	$117,692	1.27%	A
2BR	$1,770	$168,132	1.05%	B
3BR	$2,310	$283,858	0.81%	C
4BR	$2,560	$375,170	0.68%	D
5BR	$2,970	$476,947	0.62%	D

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 33905 (Fort Myers, FL) #### Section 8 Voucher Dynamics The Federal Market Rent (FMR) for ZIP code 33905 in Fort Myers, FL, is set to reflect the average rent levels in the area. According to the 2026 FMR data, the rates are as follows: - 0 Bedroom: $1,590 - 1 Bedroom: $1,600 - 2 Bedrooms: $1,910 (which represents 31.8% of the median household income) - 3 Bedrooms: $2,490 - 4 Bedrooms: $2,760 These figures provide insight into how much a tenant with a Section 8 voucher can afford to pay for rent. However, it is important to note that the actual rents in the area might differ from these FMRs. For instance, the Zillow median price for a 2-bedroom property is $173,539, which is significantly higher than the FMR of $1,910. This suggests that the price-to-FMR ratio is 7.6x, indicating that rental properties are priced much higher than what the FMR suggests. This discrepancy creates constraints for voucher holders. They may find it challenging to secure housing that fits within their voucher limits, especially if landlords are unwilling to accept the lower FMR rates. Additionally, the high price-to-FMR ratio means that many rental units are likely out of reach for tenants relying solely on Section 8 vouchers. #### Affordability & Renter Profile ZIP code 33905 has a population of 41,381, with 37.2% of residents being renters. The median household income in the area is $71,987, which provides context for the affordability of housing. Given that the 2-bedroom FMR is $1,910, representing 31.8% of the median income, it indicates that housing is relatively affordable for those who earn close to the median income. However, for those earning below the median, finding affordable housing could be a significant challenge. The occupancy rate of 85.5% suggests that there is a moderate demand for housing in the area. While it is not a tight market with extremely high occupancy rates, it also does not indicate an oversupply of rental units. This balanced demand and supply scenario means that there is room for growth but also competition among landlords and tenants. #### Investor Angle From an investor perspective, the key question is whether the ZIP code offers cash-flow positive opportunities at the FMR rates. Given the high price-to-FMR ratio of 7.6x, it is clear that purchasing properties at the median price would not yield positive cash flow based on the FMR alone. To illustrate, let’s consider a 2-bedroom property priced at $173,539. If we assume a conservative mortgage rate of 5%, the monthly mortgage payment would be approximately $850. Adding typical expenses such as property taxes, insurance, and maintenance, the total monthly cost could easily exceed $1,200. At the FMR of $1,910, the net cash flow would be around $710 per month. However, since the median price is so much higher than the FMR, it is unlikely that investors would find properties at this price point to be cash-flow positive without additional subsidies or higher rents. In terms of investment grade, the high price-to-FMR ratio suggests that the area is not particularly attractive for investors seeking purely rental income. The market dynamics favor those who can leverage other sources of income or subsidies to make up for the shortfall between purchase price and rental income. #### Specific Actionable Insights 1. **Target Lower-Priced Properties**: Investors should focus on acquiring properties that are priced below the median, closer to the FMR rates. For example, a 2-bedroom property priced at $100,000 would have a monthly mortgage payment of around $500 at a 5% interest rate. This would allow for a net cash flow of about $1,410 when renting at the FMR of $1,910, making it a more viable investment. 2. **Consider Multi-Family Units**: Given the higher FMR for larger units (e.g., 3BR and 4BR), multi-family units could offer better returns. A 3-bedroom unit at the FMR of $2,490 would cover more of the mortgage and operating costs compared to a 2-bedroom unit. Similarly, a 4-bedroom unit at $2,760 would be even more financially advantageous. 3. **Engage with Local Housing Authorities**: Since the FMR rates are significantly lower than the median rental prices, engaging with local housing authorities to understand any additional subsidies or incentives available for Section 8 tenants could help bridge the gap between the FMR and actual rental prices. #### Bottom Line Based on the provided data, the recommendation for Section 8-focused investors in ZIP code 33905 is to **Skip** this market unless they can find properties priced substantially below the median. The high price-to-FMR ratio makes it difficult to achieve positive cash flow purely through rental income at the FMR rates. Investors should look elsewhere where the price-to-FMR ratio is more favorable or seek alternative strategies to enhance profitability. However, if investors are willing to explore lower-priced properties or engage in multi-family units, there could be potential for positive cash flow. Engaging with local housing authorities to understand additional subsidies could also improve the feasibility of investing in this ZIP code. Overall, the market presents challenges for pure Section 8 investments, but strategic approaches can still yield opportunities.

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.