Location: Cape Coral-Fort Myers, FL | Metro: Cape Coral-Fort Myers, FL MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,560 |
| 1 Bedroom | $1,570 |
| 2 Bedrooms | $1,840 |
| 3 Bedrooms | $2,380 |
| 4 Bedrooms | $2,620 |
| 5 Bedrooms | $3,039 |
| 6 Bedrooms | $3,404 |
| 7 Bedrooms | $3,676 |
| 8 Bedrooms | $3,860 |
ZIP 33970 represents the Lehigh Acres neighborhood in Florida. With a population of 23,970, it is a residential area where the majority of residents own their homes, as the median home value stands at $320,796. The median household income is $58,970, indicating a middle-class community.
For Section 8 investors, the most relevant economic indicator is the Fair Market Rent (FMR), which is set at $1,680 for the fiscal year 2024. This figure contrasts sharply with the typical market rent, which is not specified but likely exceeds the FMR due to the higher median home value. It's important to note that the FMR is a guideline used by the Department of Housing and Urban Development (HUD) to determine the maximum amount of rent that can be charged to tenants participating in the Section 8 program.
Given the demographic profile and the relatively high median home value compared to the FMR, Lehigh Acres might appeal more to hands-on value-add buyers rather than hands-off operators. These investors could focus on properties that offer potential for renovation or improvement, thereby increasing their rental value and attracting tenants who benefit from the Section 8 program while also being willing to pay above the FMR.
A hands-off voucher operator might find the area less attractive because of the discrepancy between the FMR and the typical market rent, which could limit the pool of eligible tenants. However, for those interested in a steady stream of government-backed rental income, Lehigh Acres offers a stable environment with a strong middle-class foundation.
Data Sources: FMR data from HUD (2027).
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.