Location: Naples-Marco Island, FL | Metro: Naples-Marco Island, FL MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,550 |
| 1 Bedroom | $2,040 |
| 2 Bedrooms | $2,220 |
| 3 Bedrooms | $2,820 |
| 4 Bedrooms | $3,070 |
| 5 Bedrooms | $3,561 |
| 6 Bedrooms | $3,988 |
| 7 Bedrooms | $4,307 |
| 8 Bedrooms | $4,522 |
U.S. Census Bureau data (2024)
The economics of Section 8 housing in ZIP code 34138 are defined by the Specific Area Fair Market Rent (SAFMR) for a two-bedroom apartment, which is set at $1780 per month for fiscal year 2024. This SAFMR figure is specifically tailored for this ZIP code, reflecting the unique rental market conditions here. Unlike broader metro or county-level rates, the SAFMR ensures that the subsidy amount is closely aligned with local rental costs.
A Section 8 voucher does not cover the entire rent. Instead, it covers the difference between the tenant's portion and the total rent. For ZIP 34138, the tenant is expected to pay 30% of their adjusted income towards rent. The voucher then pays the remainder up to the SAFMR limit of $1780. Additionally, utility allowances are factored into the total payment but do not increase the overall SAFMR cap.
To illustrate, if a tenant's adjusted income is $1600 per month, they would be responsible for paying $480 (30% of $1600) towards rent. If the landlord charges the full SAFMR of $1780, the voucher would cover the remaining $1300. However, if the market rent for a similar unit is higher than $1780, the landlord will not receive additional funds from the voucher program. Conversely, if the market rent is lower, the voucher might cover more of the tenant's payment, depending on the exact amount.
In ZIP 34138, there is no specific local market rent data available to compare directly against the SAFMR. However, assuming the SAFMR is a fair representation of the local rental market, landlords can expect a reimbursement that matches the SAFMR when the market rent is at or below this level. If the market rent exceeds $1780, landlords must either accept the SAFMR as the maximum rent or find alternative sources to cover the shortfall.
Given the lack of direct comparison data, we can infer that if the local market rent aligns with the SAFMR, landlords will see a reimbursement that fully meets the SAFMR without any surplus or deficit. Should the local market rent differ significantly from the SAFMR, landlords would experience either a surplus or a gap, depending on whether the actual rent charged is above or below the SAFMR.
In summary, for a two-bedroom apartment in ZIP 34138, landlords should anticipate a Section 8 voucher reimbursement of $1780 per month, with any excess over this amount being the landlord's responsibility to collect from the tenant. This structure aims to ensure that tenants pay an affordable portion of their income while landlords receive a stable, government-backed rent payment.
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.