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 | $1,510 |
| 1 Bedroom | $1,990 |
| 2 Bedrooms | $2,170 |
| 3 Bedrooms | $2,750 |
| 4 Bedrooms | $3,000 |
| 5 Bedrooms | $3,480 |
| 6 Bedrooms | $3,898 |
| 7 Bedrooms | $4,210 |
| 8 Bedrooms | $4,421 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,170 | $354,256 | 0.61% | D |
| 3BR | $2,750 | $600,471 | 0.46% | F |
| 4BR | $3,000 | $1,425,575 | 0.21% | F |
U.S. Census Bureau data (2024)
The economics of Section 8 housing in ZIP code 34113, located in Naples, Florida, within Collier County, operate under specific financial guidelines. The SAFMR (Small Area Fair Market Rent) for a two-bedroom apartment in this ZIP code for fiscal year 2024 is set at $1830. This figure is crucial because it is the maximum amount that the Section 8 program will pay toward a tenant's rent, reflecting the specific rental conditions within ZIP 34113.
Local market rents, however, are significantly higher, with a ZORI (Zillow Observed Rent Index) of $4,435. This discrepancy highlights the challenge faced by landlords who wish to participate in the Section 8 program. To understand the actual reimbursement a landlord can expect, we must consider both the tenant's portion of the rent and any utility allowances.
A tenant participating in the Section 8 program is required to pay 30% of their adjusted income toward rent. If we assume an average adjusted income for a tenant in this scenario, the tenant would contribute approximately $549 to the monthly rent, which is 30% of the SAFMR. This contribution is fixed and based on the tenant's income level, not the market rent.
In addition to the tenant's contribution, there may be utility allowances provided by the program. These allowances vary but are generally modest and do not significantly close the gap between the SAFMR and the local market rent. For simplicity, let's consider a utility allowance of $150 per month, though this amount can fluctuate depending on individual circumstances.
Combining the tenant's contribution of $549 and the utility allowance of $150, a landlord in ZIP 34113 would receive a total of $1989 per month for a two-bedroom unit. This calculation is based on the assumption that the landlord charges the SAFMR rate and includes the utility allowance in the total reimbursement.
The typical reimbursement gap for a landlord in this situation is substantial. With the local market rent at $4,435, the gap between what the landlord could potentially charge and what they receive from the Section 8 program is $2,446. This means landlords must either accept a significant reduction in potential rental income or seek other ways to cover the difference, such as through property management services or by renting to non-voucher tenants.
In summary, while the Section 8 program provides a stable source of rental income, the reimbursement rates in ZIP 34113 fall far short of covering the local market rent. Landlords should carefully consider this economic reality before deciding to participate in the program.
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.