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 |
|---|---|---|---|---|
| 2BR | $1,770 | $304,323 | 0.58% | F |
| 3BR | $2,310 | $464,335 | 0.5% | F |
| 4BR | $2,560 | $609,188 | 0.42% | F |
U.S. Census Bureau data (2024)
The median income in ZIP code 33922, which encompasses Bokeelia, FL, stands at $71,164. When compared against the market rate rent of $1,217 (as per the Census ACS), it becomes evident that the cost of housing represents a significant portion of the average household’s budget. This suggests that many residents might find it challenging to cover their living expenses without financial strain.
Furthermore, the Fair Market Rent (FMR) for the zip code for fiscal year 2024 is set at $1,390, which is slightly higher than the market rate but still within reach for some households. However, this figure is the benchmark for Section 8 voucher payments, meaning that landlords participating in the program will receive a subsidy closer to this amount rather than the lower market rate.
Given that only 16.2% of the population are renters and the total population is 4,226, the rental market in Bokeelia is relatively small. This could lead to stiff competition among landlords for tenants who can afford the rents, whether they pay with vouchers or out-of-pocket. The affordability gap between median income and both the market rate and FMR indicates that there may be fewer potential cash-paying tenants who can comfortably afford the rent without assistance.
For landlords considering their strategy regarding voucher versus cash-pay tenants, the takeaway is clear: the voucher program offers a stable source of income, closely aligned with the FMR, which helps mitigate the risk of non-payment. While cash-paying tenants might offer a marginally higher rent, the likelihood of finding such tenants in a market where housing costs are a significant burden on median income earners is low. Therefore, landlords should weigh the benefits of guaranteed payments through vouchers against the potential risks and difficulties of attracting cash-paying tenants 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.