Section 8 Fair Market Rent (FMR) for ZIP 33956 - 2027

Location: Cape Coral-Fort Myers, FL | Metro: Cape Coral-Fort Myers, FL MSA

Investment Score for ZIP 33956

Monthly Rent (2BR)

$2,750

Median Price (2BR)

$341,642

1% Rule

0.8%

Annual Yield

9.66%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$2,330
1 Bedroom	$2,340
2 Bedrooms	$2,750
3 Bedrooms	$3,560
4 Bedrooms	$3,920
5 Bedrooms	$4,547
6 Bedrooms	$5,093
7 Bedrooms	$5,500
8 Bedrooms	$5,775

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$2,750	$341,642	0.8%	C
3BR	$3,560	$539,412	0.66%	D
4BR	$3,920	$671,502	0.58%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

3,405

Median Household Income

$69,534

Housing Units

3,592

Renter Percentage

9.2%

Occupancy Rate

45.9%

Renter Occupied

152

To determine if a landlord should buy in ZIP code 33956 (Saint James City, FL) for Section 8 purposes, follow this decision tree:

Step 1: Does the Fair Market Rent (FMR) of $2080 cover the debt service on a property valued at $421,817?

No. The FMR of $2080 is insufficient to cover the typical debt service costs associated with a property valued at $421,817. Debt service includes mortgage payments and other financing costs, which would likely exceed this amount.

Step 2: Is the market rent of $2,829 above, at, or below the FMR?

Above. The market rent of $2,829 is higher than the FMR of $2080, indicating that properties in this area are generally rented out at rates exceeding the government's set limit for Section 8. This suggests that landlords might struggle to find tenants willing to pay only up to the FMR.

Step 3: Are 9.2% of residents renters and the number of days on the market (DOM) sufficient to indicate demand?

It depends. With 9.2% of residents being renters, the rental market share is relatively low. However, the lack of data on the days on the market (DOM) means we cannot fully assess the demand. A low percentage of renters could mean less competition for Section 8 tenants, but also fewer potential tenants overall. Without knowing how quickly properties are rented, it's difficult to gauge the health of the rental market.

In summary, for ZIP 33956, the answer to whether a landlord should invest in Section 8 properties is largely negative due to the FMR not covering the debt service on high-value properties and the market rent being significantly higher than the FMR. Additionally, the low percentage of renters combined with unknown DOM makes it uncertain whether there will be enough demand for Section 8 units.

Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.