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 | $1,980 |
| 1 Bedroom | $2,130 |
| 2 Bedrooms | $2,480 |
| 3 Bedrooms | $3,140 |
| 4 Bedrooms | $3,750 |
| 5 Bedrooms | $4,350 |
| 6 Bedrooms | $4,872 |
| 7 Bedrooms | $5,262 |
| 8 Bedrooms | $5,525 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $2,130 | $141,321 | 1.51% | A+ |
| 2BR | $2,480 | $335,233 | 0.74% | D |
| 3BR | $3,140 | $553,629 | 0.57% | F |
| 4BR | $3,750 | $728,484 | 0.51% | F |
| 5BR | $4,350 | $865,649 | 0.5% | F |
U.S. Census Bureau data (2024)
Sarasota, FL's ZIP code 34238 stands out among other areas due to its unique demographic and economic characteristics. With a population of 23,821 residents, this area has a rental rate of 23.6%, indicating a moderate demand for rental properties. The median income in ZIP 34238 is $97,926, which is higher than the national average, and the median home value sits at $501,646, reflecting a relatively affluent neighborhood.
From a voucher economics perspective, the Fair Market Rent (FMR) for ZIP 34238 in fiscal year 2024 is set at $2,400, while the market rent, as measured by ZORI (Zillow Observed Rent Index), is $2,062. This means that landlords participating in the Section 8 program can expect to receive a higher rent subsidy compared to the local market rates, making it an attractive option for those willing to accept vouchers.
The data signature for ZIP 34238 suggests a stable environment. The median income and home values indicate a consistent economic base, and the rental rate is neither too high nor too low, suggesting a balanced housing market. Landlords and small-portfolio investors should find this ZIP code to be a reliable investment opportunity, especially considering the favorable economics of the Section 8 program.
Key Points:
The disparity between the FMR and the market rent provides a clear incentive for landlords to participate in the Section 8 program, as they can potentially charge more than the prevailing market rate. Given the stability of the local economy and housing market, this ZIP code presents a solid investment opportunity for those interested in the Section 8 program.
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.