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 | $1,820 |
| 1 Bedroom | $1,950 |
| 2 Bedrooms | $2,280 |
| 3 Bedrooms | $2,890 |
| 4 Bedrooms | $3,450 |
| 5 Bedrooms | $4,002 |
| 6 Bedrooms | $4,482 |
| 7 Bedrooms | $4,841 |
| 8 Bedrooms | $5,083 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,950 | $161,776 | 1.21% | A |
| 2BR | $2,280 | $253,133 | 0.9% | C |
| 3BR | $2,890 | $385,742 | 0.75% | D |
| 4BR | $3,450 | $478,212 | 0.72% | D |
U.S. Census Bureau data (2024)
The ZIP code 34235, located in Sarasota, Florida, presents an interesting scenario when viewed from a renter's perspective. The median household income in this area stands at $78,958. This figure is crucial when considering the market rate for rental properties, which is currently set at $2,233 per month (ZORI).
To determine if the average household can afford these rates, we must consider the financial burden of renting at market price. A household earning the median income would spend approximately 34.5% of their monthly income on rent at the ZORI rate. This percentage exceeds the generally accepted guideline of spending no more than 30% of one’s income on housing.
In contrast, the federal payment standard for Housing Choice Vouchers (FMR) in ZIP 34235 for fiscal year 2024 is set at $2,080. This amount represents a more affordable option for renters, reducing the housing cost to around 32.5% of the median income. While still above the recommended threshold, it offers a slight improvement over the market rate.
The ZIP code has a total population of 15,146, with 23.5% of residents being renters. This means that there are roughly 3,563 renter households competing for available units. The affordability gap between the median income and both the market rate and the voucher rate suggests that many renters are financially stretched, leading to increased competition among those who can afford higher rents and a significant reliance on subsidized housing options.
For landlords considering their strategy regarding voucher versus cash-paying tenants, the data indicates that while cash-paying tenants might offer slightly higher monthly rent payments, the demand for affordable housing supported by vouchers remains strong. Landlords should weigh the benefits of higher cash rents against the stability and reliability often associated with voucher-supported tenants.
The takeaway is that landlords in ZIP 34235 should be prepared to accommodate a mix of tenant types, given the financial constraints faced by many local renters. Offering properties that qualify for vouchers can ensure a steady stream of tenants, even in a competitive market.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.