Section 8 Fair Market Rent (FMR) for ZIP 34119 - 2027

Location: Naples-Marco Island, FL | Metro: Cape Coral-Fort Myers, FL MSA

Investment Score for ZIP 34119

Monthly Rent (2BR)

$2,250

Median Price (2BR)

$386,536

1% Rule

0.58%

Annual Yield

6.99%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,570
1 Bedroom	$2,070
2 Bedrooms	$2,250
3 Bedrooms	$2,860
4 Bedrooms	$3,110
5 Bedrooms	$3,608
6 Bedrooms	$4,041
7 Bedrooms	$4,364
8 Bedrooms	$4,582

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$2,250	$386,536	0.58%	F
3BR	$2,860	$610,812	0.47%	F
4BR	$3,110	$1,036,690	0.3%	F
5BR	$3,608	$1,260,010	0.29%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

36,807

Median Household Income

$113,391

Housing Units

18,592

Renter Percentage

16.4%

Occupancy Rate

80.9%

Renter Occupied

2,459

To determine if you should buy in ZIP code 34119 (Naples, FL) for Section 8 investments, follow this decision tree:

1) Does FMR $2010 (zip FY 2024) clear debt service on a $657,538 property?

No: The Fair Market Rent (FMR) for a 2-bedroom apartment in Naples, FL for fiscal year 2024 is $2,010. Assuming a conservative debt service coverage ratio (DSCR), this FMR would not be sufficient to cover the debt service on a property valued at $657,538. Debt service typically includes mortgage payments, property taxes, insurance, and maintenance costs.

2) Is market rent $2,826 (ZORI) above, at, or below FMR?

Above: The Zillow Observed Rental Index (ZORI) indicates that the average market rent for Naples, FL is $2,826. This is significantly higher than the FMR of $2,010, suggesting strong rental demand beyond just Section 8 tenants.

3) Are 16.4% renters + 48-day DOM enough demand?

Yes: With 16.4% of the population being renters and an average days on market (DOM) of 48 days, there is a reasonable level of demand for rental properties in Naples, FL. However, the success of a Section 8 investment hinges on the ability to secure tenants willing to pay the FMR and the overall market conditions.

If the FMR does not cover debt service, the next step is to evaluate whether the market rent is high enough to attract other types of tenants who can pay more than the FMR. In this case, the market rent is indeed higher, which could offset the limitations of relying solely on Section 8 funding.

The rental market in Naples, FL, shows moderate strength with a decent percentage of renters and relatively quick turnover times. This suggests that there is a viable market for rental properties, even if a significant portion of your potential tenant pool is not exclusively Section 8 eligible.

In conclusion, while the FMR may not fully support a $657,538 property's debt service, the higher market rents and acceptable rental demand indicate that Naples, FL could still be a worthwhile investment for landlords looking to diversify their tenant base beyond Section 8 alone.

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.