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 | $1,690 |
| 1 Bedroom | $1,820 |
| 2 Bedrooms | $2,120 |
| 3 Bedrooms | $2,690 |
| 4 Bedrooms | $3,210 |
| 5 Bedrooms | $3,724 |
| 6 Bedrooms | $4,171 |
| 7 Bedrooms | $4,505 |
| 8 Bedrooms | $4,730 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,820 | $187,695 | 0.97% | C |
| 2BR | $2,120 | $353,579 | 0.6% | F |
| 3BR | $2,690 | $533,058 | 0.5% | F |
| 4BR | $3,210 | $652,091 | 0.49% | F |
| 5BR | $3,724 | $1,161,019 | 0.32% | F |
U.S. Census Bureau data (2024)
The economics of Section 8 housing in ZIP code 34275, which includes Nokomis, Florida, in Sarasota County, can be analyzed using the SAFMR (Small Area Fair Market Rent) figures. For fiscal year 2024, the SAFMR for a two-bedroom apartment in this specific ZIP code is set at $1810. This means that landlords participating in the Section 8 program can expect to receive up to $1810 per month for a two-bedroom unit from the Housing Choice Voucher program.
The local market rent, as measured by ZORI (Zillow Observed Rent Index), stands at $2,063 for a two-bedroom apartment. This indicates that the SAFMR is below the average market rent, creating an economic reality where landlords might have to make adjustments to their expectations or operations.
A voucher payment typically covers the difference between the tenant's portion and the total rent. The tenant's portion is usually 30% of their adjusted income, and they also pay a portion towards utilities. If we assume an average tenant income that requires government assistance, the tenant’s contribution might be around $543, which is 30% of a hypothetical $1810 SAFMR. The voucher would then cover the remaining rent and provide additional utility allowances.
In ZIP 34275, the voucher payment mechanism works as follows: if the total rent is $1810 and the tenant contributes $543, the voucher would cover $1267. Utility allowances are separate and vary based on the number of bedrooms and location. For a two-bedroom unit, the utility allowance is generally around $400. Thus, the total reimbursement a landlord receives would be the sum of the voucher rent payment and the utility allowance, approximately $1667 per month.
This leaves a reimbursement gap of $396 per month ($2,063 - $1667) for landlords who aim to charge market rates. Conversely, if a landlord sets the rent at the SAFMR level of $1810, the gap would be smaller at $183 per month ($1810 - $1627), assuming the utility allowance brings the total voucher reimbursement slightly above the SAFMR figure.
To summarize, landlords in ZIP 34275 should be aware that the SAFMR for a two-bedroom unit is $1810, while the local market rent is higher at $2,063. The typical reimbursement from a Section 8 voucher, including utility allowances, will be about $1667. Therefore, landlords charging market rates will face a monthly reimbursement shortfall of $396. Landlords setting rents at the SAFMR level will see a smaller gap of $183 per month.
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.