Location: Cape Coral-Fort Myers, FL | Metro: Cape Coral-Fort Myers, 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 | $1,770 |
| 1 Bedroom | $1,780 |
| 2 Bedrooms | $2,090 |
| 3 Bedrooms | $2,700 |
| 4 Bedrooms | $2,980 |
| 5 Bedrooms | $3,457 |
| 6 Bedrooms | $3,872 |
| 7 Bedrooms | $4,182 |
| 8 Bedrooms | $4,391 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,780 | $131,236 | 1.36% | A |
| 2BR | $2,090 | $222,784 | 0.94% | C |
| 3BR | $2,700 | $380,980 | 0.71% | D |
| 4BR | $2,980 | $621,899 | 0.48% | F |
| 5BR | $3,457 | $781,930 | 0.44% | F |
U.S. Census Bureau data (2024)
The Section 8 market analysis for ZIP code 33908 in Fort Myers, FL, reveals a favorable environment for landlords and small-portfolio investors. The HUD Fair Market Rent (FMR) for the area in fiscal year 2024 is set at $1910, which is notably higher than the Zillow Observed Rental Index (ZORI) of $1,802. This indicates that voucher tenants will generally cashflow at the FMR level, providing a buffer against market fluctuations and ensuring steady income.
To further contextualize the rental landscape, consider the median home value in the area, which stands at $326,997. This figure allows us to derive a rent-to-price ratio, essential for understanding the relative affordability of renting versus buying. Using the ZORI figure, the annual rent of $21,624 (based on a monthly rent of $1,802) translates to an approximate rent-to-price ratio of 0.066, suggesting that renting is slightly more economical than purchasing in this market.
The real estate market's dynamics also play a role in investment decisions. With a median Days on Market (DOM) of 81 days and a price-cut share of just 0.3%, it becomes evident that the housing market in ZIP 33908 is relatively stable and quick-moving. This stability is crucial for investors, as it minimizes the risk associated with prolonged vacancy periods and ensures that properties can be rented out promptly.
In conclusion, the strongest angle for Section 8 investors in ZIP 33908 is cashflow. The discrepancy between the HUD FMR and the ZORI means that landlords can expect positive cash flow from voucher tenants, making this area a prime location for those seeking reliable rental income. Additionally, the favorable rent-to-price ratio and the brisk sales pace contribute to the overall attractiveness of this market for investment purposes.
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.