Section 8 Fair Market Rent (FMR) for ZIP 34135 - 2027

Investment Score for ZIP 34135

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	$1,750
1 Bedroom	$1,760
2 Bedrooms	$2,060
3 Bedrooms	$2,660
4 Bedrooms	$2,940
5 Bedrooms	$3,410
6 Bedrooms	$3,819
7 Bedrooms	$4,125
8 Bedrooms	$4,331

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
1BR	$1,760	$198,058	0.89%	C
2BR	$2,060	$339,296	0.61%	D
3BR	$2,660	$534,031	0.5%	F
4BR	$2,940	$816,217	0.36%	F
5BR	$3,410	$965,219	0.35%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 34135 (Bonita Springs, FL) #### Section 8 Voucher Dynamics The Fair Market Rent (FMR) for ZIP code 34135, Bonita Springs, Florida, is set by HUD for 2026. The FMRs are as follows: - 0BR: $1820 - 1BR: $1830 - 2BR: $2190 (which represents 28.8% of the median household income) - 3BR: $2860 - 4BR: $3170 Comparing these figures to actual rental rates, it is clear that the FMRs are significantly lower than the typical market rents. For instance, the Zillow median price for a 2BR home in this ZIP code is $346,623, which translates into a monthly mortgage payment of approximately $1,700 based on a 4.5% interest rate over a 30-year term. However, the FMR for a 2BR unit is only $2,190, which is well below what landlords might charge to cover their mortgage payments and other expenses. Given the high price-to-FMR ratio of 13.2x, there is a significant gap between the cost of housing and the amount that Section 8 vouchers can cover. This means that voucher holders face severe constraints in finding affordable units. Landlords may be hesitant to accept Section 8 vouchers due to the low rent they cover compared to market rates. #### Affordability & Renter Profile The population of ZIP code 34135 is 48,252, with 17.7% of residents being renters. This indicates a relatively small rental market compared to the overall population, suggesting that the demand for rental properties is moderate. The occupancy rate of 66.8% further supports this notion, implying that there is a reasonable supply of rental units available. However, the median household income of $91,380 suggests that the area is generally affluent. This could mean that many renters have higher incomes and are less reliant on government assistance programs like Section 8. As a result, the rental market may be tighter for those who do rely on vouchers, as the number of eligible units is limited. #### Investor Angle From an investor perspective, the ZIP code 34135 presents both challenges and opportunities. The FMRs are substantially lower than the typical market rents, which could make it difficult to achieve positive cash flow when relying solely on Section 8 vouchers. For example, a 2BR unit with a mortgage payment of $1,700 would need additional revenue sources to cover maintenance, property taxes, insurance, and other costs associated with owning a rental property. Despite these challenges, there are still potential opportunities for investors who are willing to work within the constraints of the Section 8 program. The key is to find properties where the FMRs are close to the break-even point or slightly above it. For instance, a 3BR or 4BR unit might offer better cash flow potential if the landlord can negotiate a slightly higher rent within the allowable limits of the voucher program. The investment grade for this ZIP code would be considered moderate to low, given the high price-to-FMR ratio and the limited number of voucher holders relative to the total population. Investors should carefully consider the financial feasibility of accepting Section 8 vouchers before making any purchase decisions. #### Specific Actionable Insights 1. **Focus on Larger Units**: Given the higher FMRs for 3BR and 4BR units, investors should consider purchasing larger properties. A 3BR unit with an FMR of $2,860 might provide a better opportunity for positive cash flow compared to a 2BR unit with an FMR of $2,190. 2. **Negotiate with Tenants**: While the FMRs are fixed, investors can potentially negotiate with tenants to cover additional costs such as utilities, maintenance, and property management fees. This could help bridge the gap between the FMR and the actual cost of ownership. 3. **Consider Non-Voucher Tenants**: Given the affluent nature of the area, investors might want to explore renting to non-voucher tenants who can pay market rates. This could provide a more stable and profitable income stream, although it would require a different marketing strategy and possibly higher upfront costs. #### Bottom Line For Section 8-focused investors, the recommendation for ZIP code 34135 is to **Skip**. The high price-to-FMR ratio and the limited number of voucher holders make it challenging to achieve positive cash flow. Additionally, the affluent nature of the area suggests that there may be more lucrative opportunities for investors who are willing to target non-voucher tenants. If investors decide to proceed, they should focus on larger units and consider alternative strategies to supplement their income.

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.