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 | $1,810 |
| 1 Bedroom | $1,870 |
| 2 Bedrooms | $2,170 |
| 3 Bedrooms | $2,770 |
| 4 Bedrooms | $3,370 |
| 5 Bedrooms | $3,909 |
| 6 Bedrooms | $4,378 |
| 7 Bedrooms | $4,728 |
| 8 Bedrooms | $4,964 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,170 | $282,749 | 0.77% | D |
| 3BR | $2,770 | $355,718 | 0.78% | D |
| 4BR | $3,370 | $473,440 | 0.71% | D |
| 5BR | $3,909 | $592,391 | 0.66% | D |
U.S. Census Bureau data (2024)
The ZIP code 34637, located in Land O Lakes, FL, stands out within Pasco County due to its unique demographic and economic characteristics. With a population of 13,049 residents, only 8.7% of whom are renters, it reflects a predominantly owner-occupied community. The median income here is $115,214, indicating a relatively affluent area. This affluence is further underscored by the median home value of $428,103, which is significantly higher than many other areas in the county.
In terms of Section 8 voucher economics, the Fair Market Rent (FMR) for ZIP 34637 in fiscal year 2024 is set at $2,340. In contrast, the Zillow Observed Rent Index (ZORI), which represents the market rent, is $3,117. This means that landlords in Land O Lakes can expect to receive less in rental payments from tenants using Section 8 vouchers compared to the average market rate. However, the gap between the FMR and ZORI suggests that landlords could still attract tenants willing to use their vouchers despite the lower payment rates.
Based on the available data, the ZIP code 34637 appears to be stable. The low percentage of renters and high median income indicate a strong local economy where homeownership is prevalent. Additionally, the high median home value suggests that the housing stock is valuable and likely well-maintained. These factors point to a community that is unlikely to experience significant transitions in the near future, making it a reliable location for long-term investments.
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.