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 | $1,520 |
| 1 Bedroom | $2,000 |
| 2 Bedrooms | $2,180 |
| 3 Bedrooms | $2,770 |
| 4 Bedrooms | $3,010 |
| 5 Bedrooms | $3,492 |
| 6 Bedrooms | $3,911 |
| 7 Bedrooms | $4,224 |
| 8 Bedrooms | $4,435 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $2,000 | $190,110 | 1.05% | B |
| 2BR | $2,180 | $338,209 | 0.64% | D |
| 3BR | $2,770 | $654,734 | 0.42% | F |
| 4BR | $3,010 | $1,252,811 | 0.24% | F |
| 5BR | $3,492 | $1,793,574 | 0.19% | F |
U.S. Census Bureau data (2024)
The analysis of ZIP code 34109, located in Naples, Florida, within the Naples-Marco Island, FL Metropolitan Statistical Area (MSA), reveals several key points regarding its viability for Section 8 real-estate investment.
The first question to address is whether the rent math works. The Fair Market Rent (FMR) for ZIP 34109 in fiscal year 2024 is set at $1910. In contrast, the market rent, as indicated by the Zillow Observed Rental Index (ZORI), stands at $2739. This significant gap suggests that landlords may need to consider the lower reimbursement rate when evaluating their rental income expectations. However, the difference can be managed through efficient property management and cost-saving measures.
Moving on to the affordability of acquisition, the median home value in ZIP 34109 is $591,019. The days on market (DOM) average is 54 days, and only 0.3% of homes are listed with a price cut. These figures indicate a relatively stable housing market where homes are selling quickly without substantial price reductions, suggesting that acquisition costs are reasonable and that the market is favorable for sellers.
Regarding tenant demand, the area has a population of 27,273, with 33.3% being renters. This implies a substantial pool of potential tenants who could benefit from Section 8 housing. The high renter share indicates a robust demand for rental properties, which is essential for maintaining occupancy rates.
Verdict: While the rent reimbursement rate is lower than the market rent, the quick turnover of homes and the manageable median home value make acquisition feasible. The strong tenant demand ensures that properties will likely remain occupied, providing a steady stream of income. Landlords should focus on minimizing operational costs and maximizing efficiency to offset the lower reimbursement rate and still achieve profitability.
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.