Location: Monroe County, FL | Metro: Miami-Miami Beach-Kendall, FL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,530 |
| 1 Bedroom | $1,740 |
| 2 Bedrooms | $2,050 |
| 3 Bedrooms | $2,610 |
| 4 Bedrooms | $2,950 |
| 5 Bedrooms | $3,422 |
| 6 Bedrooms | $3,833 |
| 7 Bedrooms | $4,140 |
| 8 Bedrooms | $4,347 |
U.S. Census Bureau data (2024)
The ZIP code 34141 presents a unique scenario for landlords and small-portfolio investors interested in Section 8 tenants. With a population of 169, the area has a significant rental presence, with 37.5% of residents being renters. This indicates a moderately strong demand for rental properties among those who might rely on housing vouchers.
The median household income in ZIP 34141 stands at $106,591, which is notably high. However, the data does not provide specific figures for market rent in this area, making it challenging to determine exactly what percentage of local income goes towards rent. Despite this limitation, we can infer that given the high median income, typical rents would likely consume a smaller portion of the average household's earnings compared to lower-income areas.
To gauge the potential impact of Section 8 vouchers, we can compare the median income to the Fair Market Rent (FMR) set by HUD for ZIP 34141, which is $1,620 per month for FY 2024. Assuming that typical market rents align closely with this figure, a household earning the median income would spend approximately 1.5% of their monthly income on rent. This suggests that the overall financial burden of renting is relatively light for most residents, even if they are part of the voucher program.
A landlord in ZIP 34141 should anticipate a tenant pool that includes a mix of individuals and families who may be using Section 8 vouchers. These tenants will generally have a stable source of income and a history of maintaining their living spaces, as required by the voucher program. The high median income also implies that there could be a significant number of tenants who do not require vouchers but still find the FMR affordable.
In summary, while the area is not dominated by homeowners, the relatively high median income and moderate rental presence suggest that landlords can expect a diverse tenant base, including those utilizing Section 8 vouchers. The financial strain of renting, especially when considering the voucher support, remains minimal for the majority of residents, positioning this ZIP as a favorable market for rental property investment.
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.