Location: Naples-Marco Island, FL | Metro: Naples-Marco Island, FL MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,390 |
| 1 Bedroom | $1,840 |
| 2 Bedrooms | $2,000 |
| 3 Bedrooms | $2,540 |
| 4 Bedrooms | $2,770 |
| 5 Bedrooms | $3,213 |
| 6 Bedrooms | $3,599 |
| 7 Bedrooms | $3,887 |
| 8 Bedrooms | $4,081 |
U.S. Census Bureau data (2024)
According to the latest data for ZIP 34117 in Naples, Florida, the Fair Market Rent (FMR) for Section 8 eligibility is set at $1960 for the fiscal year 2024. This figure is notably lower than the market rent, which stands at $2,672, as indicated by the ZORI (Zillow Observed Rent Index). The median home value in the area is a substantial $564,847, reflecting the high cost of living in this desirable location. Renter share in the community is relatively low at 8.9%, suggesting a strong homeownership culture. However, the median income of $110,614 provides a solid financial base for residents, making it a viable market for rental properties. The days on market (DOM) average of 35 days indicates a brisk pace for property sales, while the price-cut share of just 0.3% shows that sellers are generally able to achieve their asking prices without significant reductions. Given these factors, landlords and small-portfolio investors should consider the potential for both rental and sale opportunities in ZIP 34117. For those interested in Section 8 housing, the lower FMR compared to market rents presents an opportunity to tap into a government-subsidized tenant pool while still maintaining competitive pricing. However, the limited number of renters and the higher overall cost of living suggest that participation in the Section 8 program will be selective. In conclusion, the Section 8 program remains a viable option for landlords in Naples, but the market dynamics indicate a preference for higher-paying private tenants.
Data Sources: FMR data from HUD (2027). 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.