Section 8 Fair Market Rent (FMR) for ZIP 34608 - 2027

Location: Tampa-St. Petersburg-Clearwater, FL | Metro: Tampa-St. Petersburg-Clearwater, FL MSA

Investment Score for ZIP 34608

Monthly Rent (2BR)

$1,580

Median Price (2BR)

$238,716

1% Rule

0.66%

Annual Yield

7.94%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,320
1 Bedroom	$1,360
2 Bedrooms	$1,580
3 Bedrooms	$2,020
4 Bedrooms	$2,450
5 Bedrooms	$2,842
6 Bedrooms	$3,183
7 Bedrooms	$3,438
8 Bedrooms	$3,610

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$1,580	$238,716	0.66%	D
3BR	$2,020	$304,525	0.66%	D
4BR	$2,450	$341,083	0.72%	D
5BR	$2,842	$401,619	0.71%	D

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

36,658

Median Household Income

$64,345

Housing Units

15,206

Renter Percentage

19.6%

Occupancy Rate

93.4%

Renter Occupied

2,790

The ZIP code 34608, located in Spring Hill, Florida, offers a burgeoning market for real estate investment, particularly for those interested in the rental sector. The area benefits from a mix of residential developments and growing commercial opportunities, making it an attractive location for both tenants and property owners.

Fair Market Rent (FMR) for ZIP 34608 in fiscal year 2024 is set at $1,690. This figure represents the maximum amount that a tenant can be expected to pay under government-subsidized housing programs, such as Section 8, indicating a baseline for rental affordability.
The market rent, as measured by ZORI (Zillow Observed Rent Index), stands at $1,913. This suggests that the average rent for a typical property exceeds the FMR, providing landlords with a margin above the subsidized rate.
The median home value in ZIP 34608 is $293,384. This relatively low median value can be advantageous for investors looking to acquire properties without the high costs associated with more expensive markets.
Renters make up 19.6% of the local population. This indicates a moderate demand for rental properties, with enough residents preferring homeownership to keep the market balanced.
The days on market (DOM) average for rentals is 32 days. This short period implies that rental listings turn over quickly, which is beneficial for landlords seeking steady occupancy rates.
The median household income in the area is $64,345. This level of income supports a healthy rental market, as it is sufficient for many households to afford the average rent while still leaving room for other expenses.

Synthesizing these points, ZIP 34608 presents a viable investment opportunity for landlords and small-portfolio investors. The gap between the FMR and the actual market rent provides a cushion for rental income, while the moderate renter share and quick turnover suggest a stable and active rental market. The relatively low median home value means that acquisition costs are manageable, and the median income supports the ability of residents to pay rent, ensuring a sustainable cash flow for investors.

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.