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 | $1,280 |
| 1 Bedroom | $1,690 |
| 2 Bedrooms | $1,840 |
| 3 Bedrooms | $2,340 |
| 4 Bedrooms | $2,540 |
| 5 Bedrooms | $2,946 |
| 6 Bedrooms | $3,300 |
| 7 Bedrooms | $3,564 |
| 8 Bedrooms | $3,742 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,690 | $168,104 | 1.01% | B |
| 2BR | $1,840 | $268,317 | 0.69% | D |
| 3BR | $2,340 | $459,319 | 0.51% | F |
| 4BR | $2,540 | $713,715 | 0.36% | F |
U.S. Census Bureau data (2024)
The economics of Section 8 housing in ZIP code 34112, located in Naples, Florida, within Collier County, can be dissected into several key components. The SAFMR (Small Area Fair Market Rent) for a two-bedroom apartment in this specific ZIP code for FY 2024 is set at $1620. This figure represents the maximum amount that the government will reimburse landlords for renting out their properties under the Section 8 program.
In contrast, the local market rent for a two-bedroom unit in ZIP 34112 is significantly higher, running at $2,413 according to ZORI (Zillow Observed Rent Index). This means that landlords participating in Section 8 could potentially face a shortfall if they rely solely on the SAFMR rate.
To understand the actual payment a landlord receives, it's crucial to factor in both the tenant's portion of the rent and any utility allowances. Tenants are typically required to pay 30% of their adjusted income towards rent. If we assume an average adjusted income of $1,800 (a conservative estimate), the tenant would contribute approximately $540 toward the rent. Utility allowances vary but generally add around $200 to the reimbursement.
Therefore, the total reimbursement a landlord might receive for a two-bedroom apartment would be calculated as follows:
This calculation shows that even with the utility allowance, the reimbursement falls short of the local market rent. Specifically, the gap between the local market rent ($2,413) and the total reimbursement ($1820) amounts to a shortfall of $593 per month for a landlord. This means landlords in ZIP 34112 who accept Section 8 vouchers will need to adjust their expectations regarding rental income.
It's important to note that while the SAFMR rate provides a clear benchmark for reimbursement, the actual amount can fluctuate based on the tenant's income and any additional subsidies. However, the typical scenario for a two-bedroom voucher in ZIP 34112 results in a reimbursement gap of $593, reflecting the disparity between government-set rates and local market conditions.
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.