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 | $1,640 |
| 1 Bedroom | $1,700 |
| 2 Bedrooms | $1,980 |
| 3 Bedrooms | $2,550 |
| 4 Bedrooms | $2,810 |
| 5 Bedrooms | $3,260 |
| 6 Bedrooms | $3,651 |
| 7 Bedrooms | $3,943 |
| 8 Bedrooms | $4,140 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,700 | $264,181 | 0.64% | D |
| 2BR | $1,980 | $451,559 | 0.44% | F |
| 3BR | $2,550 | $760,706 | 0.34% | F |
| 4BR | $2,810 | $1,841,276 | 0.15% | F |
| 5BR | $3,260 | $3,590,811 | 0.09% | F |
U.S. Census Bureau data (2024)
The ZIP code 34134, located in Bonita Springs, Florida, presents a dynamic housing market that reflects both supply and demand forces at play. The Fair Market Rent (FMR) for the area stands at $1810 for the fiscal year 2024, while the market rent, measured by Zillow's ZORI index, is significantly higher at $3,296. This gap suggests that the market rent exceeds the government's benchmark, indicating a robust rental sector.
A key indicator of market conditions is the price-cut share, which is currently at 0.3%. This low percentage implies that sellers are generally not needing to reduce their asking prices, suggesting a market where demand is strong relative to supply. Additionally, the days on market (DOM) average is 85 days, which is moderate and could indicate a healthy balance between buyers and sellers, though it leans towards a market where homes sell relatively quickly once listed.
The median home value in ZIP 34134 is $637,522, reflecting the overall cost of homeownership in the area. While this figure alone doesn't reveal whether supply outpaces demand, it does provide context to the local real estate landscape. Given the high market rent compared to the FMR, and the low price-cut share, it's reasonable to infer that demand may be slightly outpacing supply, creating a competitive environment for both renters and buyers.
The 17.8% renter share in Bonita Springs is noteworthy. In areas where the renter share is substantial, there tends to be ongoing pressure on housing markets due to the constant need for rental properties. This can drive up rents over time as landlords adjust to meet the demand. For landlords and small-portfolio investors, the presence of a significant rental population signals a steady demand for rental units, making it a viable market for investment. However, the challenge will be to maintain competitive rents without pricing out potential tenants, given the already elevated market rent levels.
In summary, ZIP 34134 in Bonita Springs, Florida, operates under a market where demand appears to be keeping pace with or slightly exceeding supply, as evidenced by the low price-cut share and moderate DOM. The high disparity between FMR and market rent, along with the substantial renter share, points to a market with considerable long-term housing pressure, favoring those who invest in rental properties.
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.