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 | $1,470 |
| 1 Bedroom | $1,480 |
| 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 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,480 | $107,296 | 1.38% | A |
| 2BR | $1,770 | $182,533 | 0.97% | C |
| 3BR | $2,310 | $215,326 | 1.07% | B |
| 4BR | $2,560 | $278,301 | 0.92% | C |
| 5BR | $2,970 | $317,797 | 0.93% | C |
U.S. Census Bureau data (2024)
ZIP code 33916, located in Fort Myers, Florida, sits within the larger Cape Coral-Fort Myers, FL MSA. To understand its position within this metro area, let's examine its key metrics against typical figures for the MSA ZIP codes.
The Fair Market Rent (FMR) for ZIP 33916 in fiscal year 2024 is set at $1,430. This figure is slightly below the market rent of $1,579, indicating that it is somewhat more affordable for renters compared to the broader market. However, the FMR still aligns closely with the actual market conditions, suggesting that it is not an outlier in terms of rental affordability.
The median home value in ZIP 33916 is $215,744, which is notably lower than the average home values typically found in the MSA. This discrepancy between relatively low home values and a slightly below-market rent suggests that 33916 could be a value pocket for investors looking to acquire properties at a lower cost while still maintaining decent rental income.
A strong indicator of potential investment opportunity is the 66.2% renter share in ZIP 33916. This high percentage of renters relative to homeowners is significantly above the average for the MSA, which usually hovers around 50%. High renter shares often correlate with areas where Section 8 housing vouchers are more prevalent, making it a prime location for landlords who can benefit from the federal assistance program.
To conclude, ZIP 33916 appears to be a value pocket within the Cape Coral-Fort Myers, FL MSA. Its lower home values combined with a high renter share make it particularly attractive for Section 8 investments. The slightly below-market rent, however, should be considered when evaluating potential returns on investment. Landlords and small-portfolio investors should focus on the robust demand for rentals and the favorable conditions for receiving Section 8 vouchers in this area.
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.