Location: Naples-Marco Island, 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 | $1,920 |
| 1 Bedroom | $1,930 |
| 2 Bedrooms | $2,300 |
| 3 Bedrooms | $3,000 |
| 4 Bedrooms | $3,330 |
| 5 Bedrooms | $3,863 |
| 6 Bedrooms | $4,327 |
| 7 Bedrooms | $4,673 |
| 8 Bedrooms | $4,907 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,930 | $153,494 | 1.26% | A |
| 2BR | $2,300 | $318,853 | 0.72% | D |
| 3BR | $3,000 | $522,291 | 0.57% | F |
| 4BR | $3,330 | $628,800 | 0.53% | F |
| 5BR | $3,863 | $729,848 | 0.53% | F |
U.S. Census Bureau data (2024)
The ZIP code 33928, located in Estero, Florida, comprises a population of 31,926 individuals, with only 12.6% being renters. This indicates that the area is predominantly dominated by homeowners rather than renters, suggesting that the pool of potential Section 8 tenants is relatively small. The median household income stands at $102,624, which is significantly higher than the national average. When comparing this income level to the market rent of $2,575, it's evident that the typical rent consumes approximately 30.5% of the local income. This percentage is calculated by dividing the annual market rent ($30,900) by the median household income ($102,624).
The Fair Market Rent (FMR) for the area, as set by HUD for FY 2024, is $2,360, slightly below the current market rent. This difference suggests that landlords might face some challenges in finding tenants who qualify for Section 8 vouchers, given the higher market rates. However, the presence of any Section 8 tenants would likely mean they have additional income sources or family members contributing to the household budget.
A landlord in ZIP 33928 should expect a tenant profile that includes individuals or families with combined incomes or support systems that allow them to afford the higher rents. These tenants may also be willing to negotiate terms or seek properties that offer better value for their money, given the scarcity of affordable housing options relative to their income. It's important for landlords to understand that while the number of Section 8 tenants may be limited, those who do qualify will need to find ways to supplement their voucher amounts to meet the market rent demands.
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.