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 | $1,160 |
| 1 Bedroom | $1,200 |
| 2 Bedrooms | $1,400 |
| 3 Bedrooms | $1,820 |
| 4 Bedrooms | $2,210 |
| 5 Bedrooms | $2,564 |
| 6 Bedrooms | $2,872 |
| 7 Bedrooms | $3,102 |
| 8 Bedrooms | $3,257 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,400 | $288,983 | 0.48% | F |
| 3BR | $1,820 | $344,463 | 0.53% | F |
| 4BR | $2,210 | $387,770 | 0.57% | F |
U.S. Census Bureau data (2024)
The market analysis for Section 8 investors targeting ZIP code 34614 in Weeki Wachee, FL, within the Tampa-St. Petersburg-Clearwater, FL MSA, reveals a favorable rental environment. The HUD Fair Market Rent (FMR) for ZIP 34614 in fiscal year 2024 is set at $1460, which significantly exceeds the market rent of $978 based on Census ACS data. This means that voucher tenants will generally provide positive cash flow when renting units at the HUD FMR rate.
To further break down the numbers, the HUD FMR of $1460 is about 1.5 times higher than the average market rent of $978. This difference translates into a substantial cash flow benefit for landlords who participate in the Section 8 program. For instance, a landlord can expect to receive approximately $482 more per month in rental income compared to the local market rate, which is a significant advantage.
The median home value in ZIP 34614 is $354,704. To derive the rent-to-price ratio, we can use the HUD FMR as a proxy for potential rental income. Assuming an annual rental income of $17,520 (based on $1460 monthly), the rent-to-price ratio would be around 5%, indicating that rental income alone covers a reasonable portion of the property's value. This makes owning a rental property in this area financially viable, even without considering potential capital gains.
The rental market's dynamics are further supported by the low median Days on Market (DOM) and minimal price-cut share. With a median DOM of N/A days and only 0.3% of listings requiring price reductions, it suggests that properties are selling quickly and at their listed prices. This stability in the housing market contributes to the overall attractiveness of investing in rental properties in Weeki Wachee.
In conclusion, the strongest investor angle in ZIP 34614 is cash flow. The disparity between the HUD FMR and the market rent provides a clear financial benefit, making it an ideal location for Section 8 investors seeking consistent and positive returns.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.