Location: Naples-Marco Island, 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 | $1,550 |
| 1 Bedroom | $2,040 |
| 2 Bedrooms | $2,220 |
| 3 Bedrooms | $2,820 |
| 4 Bedrooms | $3,070 |
| 5 Bedrooms | $3,561 |
| 6 Bedrooms | $3,988 |
| 7 Bedrooms | $4,307 |
| 8 Bedrooms | $4,522 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,220 | $319,088 | 0.7% | D |
| 3BR | $2,820 | $741,818 | 0.38% | F |
| 4BR | $3,070 | $1,825,873 | 0.17% | F |
| 5BR | $3,561 | $2,034,195 | 0.18% | F |
U.S. Census Bureau data (2024)
The ZIP code 34110 in Naples, Florida, is home to 25,630 residents, with 23.2% being renters. This indicates that while there is a notable rental population, it is not overwhelmingly dominated by renters compared to homeowners. The median household income stands at $97,564, which provides a solid economic base for the area.
The market rent for the area is $2,821 per month. To put this into perspective, typical rent constitutes approximately 30% of the local median income. This calculation is derived from dividing the market rent by the monthly equivalent of the median income ($97,564/12), which gives us a ratio of about 0.30. For landlords, this means that tenants generally have sufficient income to cover their rent, though they will be spending a significant portion of their earnings on housing.
The Fair Market Rent (FMR) for ZIP 34110, as set by HUD for FY 2024, is $2,060. This figure represents the maximum amount that a Section 8 voucher holder can use towards rent. Comparing the FMR to the market rent, we see that the FMR is roughly 73% of the market rent. This suggests that tenants relying solely on Section 8 vouchers may struggle to afford units in this market without additional income sources or larger vouchers.
In terms of voucher demand, the area does not appear to be deeply saturated with voucher users due to the relatively high median income and market rent. However, there is still a segment of the population that relies on these vouchers for housing assistance. Landlords should prepare for a mix of tenants, including those who might supplement their vouchers with personal funds to meet the higher market rents.
A landlord in ZIP 34110 can expect tenants who are financially capable but may require some form of rental assistance to find affordable housing. These tenants will likely be working individuals or families who need to manage a substantial portion of their income towards rent, even when using vouchers. Therefore, landlords should consider offering competitive pricing and possibly accepting a combination of voucher support and additional payment to attract and retain tenants.
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.