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 | $1,590 |
| 1 Bedroom | $1,600 |
| 2 Bedrooms | $1,880 |
| 3 Bedrooms | $2,430 |
| 4 Bedrooms | $2,680 |
| 5 Bedrooms | $3,109 |
| 6 Bedrooms | $3,482 |
| 7 Bedrooms | $3,761 |
| 8 Bedrooms | $3,949 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,600 | $100,172 | 1.6% | A+ |
| 2BR | $1,880 | $188,435 | 1% | C |
| 3BR | $2,430 | $325,078 | 0.75% | D |
| 4BR | $2,680 | $545,224 | 0.49% | F |
| 5BR | $3,109 | $1,060,862 | 0.29% | F |
U.S. Census Bureau data (2024)
A skeptical investor looking into ZIP 33919 (Fort Myers, FL) might have several concerns regarding the viability of investing in rental properties here. Let's address these concerns with the available data.
Objection 1: Will the Fair Market Rent (FMR) of $1,670 for ZIP 33919 in fiscal year 2024 cover the mortgage on a $251,199 home?
The FMR of $1,670 is a good starting point for understanding what the government considers fair for rental units. However, the mortgage payment will depend on the interest rate and the terms of the loan. Assuming a 30-year fixed-rate mortgage with an average interest rate of 4%, the monthly mortgage payment for a $251,199 home would be approximately $1,200. This means that the FMR of $1,670 would indeed cover the mortgage, leaving room for property taxes, insurance, maintenance, and a profit margin. It's important to note that property taxes and insurance can vary widely, so investors should research these costs specifically for Fort Myers.
Objection 2: Is there enough renter demand at 21.6%?
The 21.6% rental occupancy rate indicates that a significant portion of the housing stock in Fort Myers is rented out. While this percentage might seem low compared to some other markets, it suggests that there is still demand for rental properties. The key is to understand how this rate compares to historical trends and whether it is stable or growing. Unfortunately, the data does not provide historical context or trends, so we cannot definitively state whether this demand is sufficient without further investigation. However, given the steady population growth and tourism in the area, it's reasonable to expect continued demand for rentals.
Objection 3: Will vouchers keep pace with $1,682 market rents?
The Housing Choice Voucher program aims to ensure that voucher holders pay 30% of their adjusted income toward rent, with the rest covered by the voucher. If the market rent is $1,682, then the voucher amount must also increase to match this figure. According to recent HUD data, voucher amounts have been increasing in many areas to keep up with rising rents. However, the specific data for ZIP 33919 is not provided, so we cannot conclusively say whether vouchers will cover the $1,682 rent. Landlords should monitor local HUD announcements and adjust their expectations accordingly.
In summary, while the data shows that the FMR could potentially cover the mortgage on a typical home in Fort Myers, the occupancy rate and voucher amounts require closer scrutiny. Investors should consider additional factors such as property taxes, insurance, and the potential for voucher adjustments when making investment decisions in ZIP 33919.
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.