Location: North Port-Bradenton-Sarasota, FL | Metro: North Port-Bradenton-Sarasota, 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 | $2,620 |
| 1 Bedroom | $2,810 |
| 2 Bedrooms | $3,280 |
| 3 Bedrooms | $4,160 |
| 4 Bedrooms | $4,960 |
| 5 Bedrooms | $5,754 |
| 6 Bedrooms | $6,444 |
| 7 Bedrooms | $6,960 |
| 8 Bedrooms | $7,308 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $2,810 | $397,044 | 0.71% | D |
| 2BR | $3,280 | $691,505 | 0.47% | F |
| 3BR | $4,160 | $1,588,682 | 0.26% | F |
| 4BR | $4,960 | $2,996,554 | 0.17% | F |
| 5BR | $5,754 | $4,694,553 | 0.12% | F |
U.S. Census Bureau data (2024)
The ZIP code 34228, located in Longboat Key, Florida, stands out significantly within Sarasota County due to its unique demographic and economic characteristics. With only 7,539 residents, it has one of the smallest populations in the area, yet boasts an impressive median household income of $158,030. This high income level contrasts sharply with the low rental rate of 6.4%, indicating that most residents own their homes. Indeed, the median home value in this ZIP is exceptionally high at $964,504, reflecting the luxury real estate market prevalent on Longboat Key.
From a voucher economics perspective, the Fair Market Rent (FMR) for ZIP 34228 is set at $2,720 for fiscal year 2024. This figure is notably lower than the local market rent, which is measured by ZORI (Zillow Observed Rent Index) at $5,350. The disparity between these two numbers suggests that Section 8 vouchers are unlikely to cover the majority of rental costs in this ZIP code. Landlords and small-portfolio investors should be aware that accepting Section 8 vouchers may result in a significant shortfall compared to market rates, potentially making it less attractive as a source of rental income.
Evaluating the data signature of ZIP 34228, it appears to be stable rather than transitional. The high median income and median home values indicate a mature and affluent community where property ownership is the norm. Given the limited number of renters and the substantial difference between FMR and market rents, it is clear that the rental market here is niche and unlikely to attract large volumes of tenants seeking government assistance. For investors looking to capitalize on the luxury real estate market of Longboat Key, focusing on homeownership opportunities rather than rentals would likely yield better returns.
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.