Location: Naples-Marco Island, FL | Metro: Naples-Marco Island, 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 | $1,400 |
| 1 Bedroom | $1,850 |
| 2 Bedrooms | $2,010 |
| 3 Bedrooms | $2,550 |
| 4 Bedrooms | $2,780 |
| 5 Bedrooms | $3,225 |
| 6 Bedrooms | $3,612 |
| 7 Bedrooms | $3,901 |
| 8 Bedrooms | $4,096 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,850 | $166,635 | 1.11% | B |
| 2BR | $2,010 | $276,491 | 0.73% | D |
| 3BR | $2,550 | $453,285 | 0.56% | F |
| 4BR | $2,780 | $723,356 | 0.38% | F |
U.S. Census Bureau data (2024)
The ZIP code 34104 in Naples, Florida, stands out due to its unique demographic and economic characteristics. With a population of 26,408 residents, it has a rental rate of 31.7%, indicating a significant portion of the community relies on leased properties. The median income here is $71,686, which is relatively modest compared to the median home value of $354,621. This suggests that homeownership is more challenging for many residents, making rental options increasingly important.
For landlords and small-portfolio investors, the dynamics of Section 8 vouchers are crucial. In ZIP 34104, the Fair Market Rent (FMR) for the fiscal year 2024 is set at $1,740, significantly lower than the market rent of $2,275 as measured by ZORI (Zillow's Observed Rent Index). This discrepancy means that landlords accepting Section 8 vouchers will receive less than the market rate, potentially impacting their profitability. However, the stability of rental income and the government backing of these vouchers can provide a reliable source of revenue for those willing to participate.
Evaluating the data signature of ZIP 34104, it appears to be a stable area with a consistent population and median income levels. The high median home value indicates a desirable location, but the gap between FMR and market rents signals a transitional phase where some landlords might find it challenging to attract tenants without offering below-market rates. For investors looking to enter the Naples rental market, understanding these nuances is essential for strategic decision-making.
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.