Section 8 Fair Market Rent (FMR) for ZIP 33966 - 2027

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

Investment Score for ZIP 33966

Monthly Rent (2BR)

$1,990

Median Price (2BR)

$274,990

1% Rule

0.72%

Annual Yield

8.68%

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	$1,690
1 Bedroom	$1,700
2 Bedrooms	$1,990
3 Bedrooms	$2,570
4 Bedrooms	$2,840
5 Bedrooms	$3,294
6 Bedrooms	$3,689
7 Bedrooms	$3,984
8 Bedrooms	$4,183

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$1,990	$274,990	0.72%	D
3BR	$2,570	$388,702	0.66%	D
4BR	$2,840	$542,628	0.52%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

12,513

Median Household Income

$84,965

Housing Units

7,934

Renter Percentage

41.8%

Occupancy Rate

75.5%

Renter Occupied

2,504

The Fort Myers area, specifically ZIP code 33966, offers a vibrant real estate market with a mix of residential properties that cater to both homeowners and renters. The region is known for its warm climate and proximity to beaches, making it an attractive destination for various demographics.

The Fair Market Rent (FMR) for ZIP 33966 is set at $1700 per month for fiscal year 2024, indicating the average rental price supported by the government for a two-bedroom apartment.
The market rent, as measured by the Zillow Observed Rental Index (ZORI), stands at $1,722 per month, reflecting the actual rental prices being charged in the area.
The median home value in the ZIP code is $338,222, providing a benchmark for property values and potential investment opportunities.
Renters make up 41.8% of the population in this ZIP code, suggesting a significant demand for rental properties.
The days on market (DOM) for properties in this area average 71 days, which is relatively short, indicating a healthy pace of sales and rentals.
The median household income in ZIP 33966 is $84,965, offering insight into the financial stability and purchasing power of the local residents.

For landlords and small-portfolio investors, the Fort Myers real estate market presents a balanced opportunity. With the Fair Market Rent closely aligned with the ZORI, there's a clear indication that rental prices are reasonable and reflective of the government's support levels. The median home value suggests that while property investments can be substantial, they remain within reach for many investors. A significant portion of the population renting their homes signals ongoing demand for rental units. Additionally, the quick turnover rate of properties, as evidenced by the DOM figure, points to a market where assets can be efficiently managed and turned over. Lastly, the median income provides assurance that tenants have the means to afford rent in this area. Overall, ZIP 33966 offers a promising environment for those looking to invest in the rental market.

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.