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 | $1,660 |
| 1 Bedroom | $1,670 |
| 2 Bedrooms | $1,960 |
| 3 Bedrooms | $2,530 |
| 4 Bedrooms | $2,790 |
| 5 Bedrooms | $3,236 |
| 6 Bedrooms | $3,624 |
| 7 Bedrooms | $3,914 |
| 8 Bedrooms | $4,110 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,960 | $272,254 | 0.72% | D |
| 3BR | $2,530 | $357,052 | 0.71% | D |
| 4BR | $2,790 | $462,568 | 0.6% | D |
| 5BR | $3,236 | $624,424 | 0.52% | F |
U.S. Census Bureau data (2024)
The ZIP code 33967 in Fort Myers, FL, hosts a population of 28,341 residents. With 28.9% of these individuals being renters, the area leans slightly towards rental housing, though it's not overwhelmingly dominated by renters. The median household income stands at $90,519, which provides a benchmark against which we can measure the affordability of rental properties.
The market rent for this area is $2,024, representing a significant portion of the median income. To be precise, typical rent consumes approximately 22.3% of the median household income, calculated by dividing the monthly rent by the annual income and multiplying by 12. This indicates that while renting is feasible, it requires a substantial share of household earnings, potentially limiting the pool of eligible tenants without financial assistance.
Comparatively, the Fair Market Rent (FMR) for the fiscal year 2024 is set at $1,880 for this ZIP code. This figure, established by HUD, represents the maximum amount that a Section 8 voucher holder can use to cover their rent. The difference between the market rent ($2,024) and the FMR ($1,880) suggests that landlords may need to consider offering lower rents or accepting some subsidy to attract Section 8 tenants.
A landlord in ZIP 33967 should expect a tenant profile that includes individuals and families who rely on financial assistance to meet their housing needs. These tenants will likely be working-class families, elderly individuals, or those with disabilities who require government support to afford housing. While the voucher demand exists, it is not as deep as in areas with higher percentages of renters or lower median incomes. Landlords must balance their rental rates with the realities of the voucher system to ensure occupancy and financial stability.
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.