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 | $1,650 |
| 1 Bedroom | $1,660 |
| 2 Bedrooms | $1,970 |
| 3 Bedrooms | $2,570 |
| 4 Bedrooms | $2,840 |
| 5 Bedrooms | $3,294 |
| 6 Bedrooms | $3,689 |
| 7 Bedrooms | $3,984 |
| 8 Bedrooms | $4,183 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,970 | $257,968 | 0.76% | D |
| 3BR | $2,570 | $443,559 | 0.58% | F |
| 4BR | $2,840 | $614,982 | 0.46% | F |
| 5BR | $3,294 | $798,132 | 0.41% | F |
U.S. Census Bureau data (2024)
ZIP code 33912, located in Fort Myers, Florida, is part of the larger Cape Coral-Fort Myers, FL Metropolitan Statistical Area (MSA). When comparing the Federal Market Rent (FMR) of $1980 for ZIP 33912 (as of fiscal year 2024) to the broader MSA, it's clear that this figure is higher than the average FMR across the entire region. This suggests that the area is somewhat costly for federally subsidized housing.
The market rent for ZIP 33912 stands at $2,019, which is slightly above the FMR but still relatively close. This indicates that the rental market in this area is not drastically different from what the government deems fair for subsidies, potentially making it a balanced area for landlords and tenants alike.
Average home values in ZIP 33912 are listed at $383,232. While this figure represents the typical price point for homeownership in the area, it is notably lower than many other ZIP codes within the Cape Coral-Fort Myers MSA, suggesting that 33912 may be considered a value pocket for both renters and potential buyers.
The renter share in ZIP 33912 is 12.7%, which is indicative of a moderate percentage of residents choosing to rent rather than own their homes. This share is not unusually high or low compared to the typical ZIP codes within the MSA, indicating a stable rental market.
Inferentially, the combination of a modest renter share with below-average home values points towards a mixed neighborhood. It is neither a premium sub-market nor an exclusively mid-tier neighborhood but rather an area where the cost of living is balanced between owning and renting. The proximity of the FMR to the market rent suggests that the area is attractive to those seeking federally assisted housing, which could be beneficial for landlords willing to participate in Section 8 programs.
Note that the divergence between the FMR and market rent being so close, along with the below-average home values, might signal that ZIP 33912 could indeed be a sweet spot for Section 8 investments. Landlords can expect a steady demand from tenants eligible for federal assistance without facing the steep competition seen in more expensive sub-markets.
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.