Location: Tampa-St. Petersburg-Clearwater, FL | Metro: Tampa-St. Petersburg-Clearwater, 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 | $1,350 |
| 1 Bedroom | $1,390 |
| 2 Bedrooms | $1,620 |
| 3 Bedrooms | $2,070 |
| 4 Bedrooms | $2,520 |
| 5 Bedrooms | $2,923 |
| 6 Bedrooms | $3,274 |
| 7 Bedrooms | $3,536 |
| 8 Bedrooms | $3,713 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,620 | $315,903 | 0.51% | F |
| 3BR | $2,070 | $422,581 | 0.49% | F |
| 4BR | $2,520 | $500,830 | 0.5% | F |
U.S. Census Bureau data (2024)
The investment landscape in ZIP code 34607, Florida, presents several challenges for landlords considering Section 8 participation. One significant issue is tenant turnover, which can be higher when the market rent stands at $1,373 compared to the Federal Market Rent (FMR) of $1,730 for FY 2024. This disparity indicates that tenants might seek out higher-value properties outside of the Section 8 program, leading to increased churn.
Vacancy exposure is another concern, especially since the days on market (DOM) is listed as N/A. This suggests a lack of historical data or recent trends that would help predict how long a property might remain vacant. Given the high competition for rental properties, landlords must be prepared for potential vacancies that could last longer than expected.
Deferred maintenance is a critical risk factor, particularly in light of the typical home value of $399,855 and a median household income of $66,422. These figures imply that homeownership is relatively expensive, and many residents may rely on rental properties, including those supported by Section 8 vouchers. Landlords must ensure that their properties meet the required standards to avoid costly repairs and maintenance issues that can arise from deferred upkeep.
However, these risks are somewhat mitigated by the high renter share of 16.0%. A larger proportion of renters typically translates into higher demand for housing vouchers, making it easier to find qualified tenants who can utilize Section 8 assistance. The robust demand for rental properties can help offset some of the financial uncertainties associated with the program.
In conclusion, the investment risk for a first-time Section 8 landlord in ZIP 34607, FL, is moderate.
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.