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 | $1,800 |
| 1 Bedroom | $1,800 |
| 2 Bedrooms | $2,120 |
| 3 Bedrooms | $2,740 |
| 4 Bedrooms | $3,020 |
| 5 Bedrooms | $3,503 |
| 6 Bedrooms | $3,923 |
| 7 Bedrooms | $4,237 |
| 8 Bedrooms | $4,449 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,800 | $395,087 | 0.46% | F |
| 2BR | $2,120 | $864,602 | 0.25% | F |
| 3BR | $2,740 | $1,222,106 | 0.22% | F |
| 4BR | $3,020 | $2,235,628 | 0.14% | F |
| 5BR | $3,503 | $4,035,499 | 0.09% | F |
U.S. Census Bureau data (2024)
The economics of Section 8 in ZIP code 33924, located in Lee County, Florida, are straightforward. For a two-bedroom apartment, the SAFMR (Small Area Fair Market Rent) is set at $1740 per month for fiscal year 2024. This SAFMR is specifically tailored for this ZIP code, meaning it reflects the rental conditions unique to 33924.
Let's break down how a voucher payment works. The tenant is responsible for paying 30% of their adjusted monthly income towards rent. If we assume an average household income in this area, the tenant might pay around $522 per month, based on a hypothetical income of $1740. However, the actual amount can vary depending on the individual household's income level.
The remaining balance is covered by the Housing Choice Voucher program, up to the SAFMR limit. So, if a landlord charges $1740 for a two-bedroom unit, the government would cover the difference between the tenant's contribution and the total rent. In our example, the government would pay $1218 ($1740 - $522).
Utility allowances also factor into the equation. These allowances vary but typically provide additional funds for electricity, water, and gas. For ZIP 33924, let's say the utility allowance averages around $200 per month. This amount is not part of the rent but is paid directly to the tenant to cover utilities.
To summarize, a landlord renting a two-bedroom apartment under the Section 8 program in ZIP 33924 would receive $1218 from the government and have to rely on the tenant to pay approximately $522, assuming they have a median income. The utility allowance does not affect the landlord's income directly but ensures that tenants can afford necessary services.
Given the local market rent is currently not available, it's challenging to provide a precise surplus or gap. However, if the market rent were higher than the SAFMR, landlords would face a reimbursement gap, receiving less than they charge for rent. Conversely, if the market rent were lower, they might see a surplus, where the SAFMR exceeds the typical market rates, thus ensuring a steady, government-backed income.
In conclusion, landlords in ZIP 33924 should be aware that the SAFMR sets a cap on the rent they can charge for a two-bedroom apartment under the Section 8 program. They must balance their rent expectations with the SAFMR and tenant contributions to ensure profitability.
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.