Location: North Port-Bradenton-Sarasota, FL | Metro: North Port-Bradenton-Sarasota, FL MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,830 |
| 1 Bedroom | $1,960 |
| 2 Bedrooms | $2,290 |
| 3 Bedrooms | $2,900 |
| 4 Bedrooms | $3,460 |
| 5 Bedrooms | $4,014 |
| 6 Bedrooms | $4,496 |
| 7 Bedrooms | $4,856 |
| 8 Bedrooms | $5,099 |
The economics of Section 8 in ZIP code 34272, which covers parts of North Port-Bradenton-Sarasota County, Florida, revolve around the $1910 Fair Market Rent (SAFMR) for a two-bedroom apartment as of FY 2024. This figure is specifically tailored for this ZIP code, meaning it reflects the rental rates most appropriate for the area.
Section 8 vouchers are designed to cover a significant portion of the rent but not the entire amount. Typically, the voucher pays the difference between the SAFMR and the tenant's portion, which is usually 30% of their income. For example, if a tenant’s monthly income is $1500, their portion would be $450 (30% of $1500), leaving the voucher to pay the remaining $1460 towards the $1910 SAFMR. However, the actual reimbursement can vary based on the tenant's income.
Additionally, there are utility allowances that must be considered. These allowances are separate from the base rent and are intended to help cover electricity, gas, water, and sewer costs. The exact amount varies by location and household size, but it ensures that tenants have enough to cover essential utilities without straining their finances.
In ZIP 34272, landlords should understand that the total reimbursement they receive from the voucher program will be the sum of the tenant's portion and the voucher payment, up to the SAFMR limit. If the local market rent exceeds the SAFMR, landlords may face a shortfall. Conversely, if the market rent is below the SAFMR, landlords might receive more than the standard market rate.
Given the SAFMR of $1910 for a two-bedroom unit in ZIP 34272, landlords can expect the typical reimbursement gap or surplus to depend on the actual market conditions. Since the local market rent is currently not available, we cannot provide an exact surplus or shortfall. However, if the market rent were exactly at the SAFMR level, there would be no gap; landlords would receive the full SAFMR amount, ensuring stable and predictable income.
To accurately assess the economic impact of Section 8 on your property, you need to know the specific income of the tenants applying for the voucher and compare the local market rents against the SAFMR. This will give you a clear picture of whether you will experience a surplus or a shortfall in your rental income.
Data Sources: FMR data from HUD (2027).
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.