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 | $1,270 |
| 1 Bedroom | $1,320 |
| 2 Bedrooms | $1,530 |
| 3 Bedrooms | $1,950 |
| 4 Bedrooms | $2,380 |
| 5 Bedrooms | $2,761 |
| 6 Bedrooms | $3,092 |
| 7 Bedrooms | $3,339 |
| 8 Bedrooms | $3,506 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,320 | $71,244 | 1.85% | A+ |
| 2BR | $1,530 | $184,024 | 0.83% | C |
| 3BR | $1,950 | $277,960 | 0.7% | D |
| 4BR | $2,380 | $578,349 | 0.41% | F |
| 5BR | $2,761 | $817,650 | 0.34% | F |
U.S. Census Bureau data (2024)
The economics of Section 8 in ZIP code 34652, which covers New Port Richey, FL, within Pasco County, are straightforward. The SAFMR (Small Area Fair Market Rent) for a two-bedroom apartment in this specific ZIP code is set at $1560 for the fiscal year 2024. This is slightly below the local market rent, which averages $1671 according to ZORI (Zillow Observed Rental Index).
A landlord participating in the Section 8 program receives rental payments from both the government and the tenant. The government reimburses up to the SAFMR limit, while the tenant pays a portion based on their income. Typically, the tenant's contribution is 30% of their adjusted income, but it cannot be less than 10% or more than 40%. For simplicity, let’s assume the tenant pays 30% of an average income of $1200 per month, which amounts to $360.
The government then pays the difference between the tenant’s contribution and the SAFMR, plus any applicable utility allowances. Utility allowances vary but are often around $200-$300 per month. Assuming a utility allowance of $250, the total reimbursement a landlord would receive for a two-bedroom unit is calculated as follows:
$1560 (SAFMR) + $250 (utility allowance) - $360 (tenant contribution) = $1450.
This means that for a two-bedroom apartment in ZIP 34652, a landlord can expect a reimbursement of $1450 per month under the Section 8 program. Given that the local market rent is $1671, this creates a reimbursement gap of $221 per month.
To summarize, landlords in ZIP 34652 who participate in the Section 8 program will see a lower monthly rental income compared to the local market rates, specifically a shortfall of $221 for a two-bedroom unit. This gap reflects the economic realities of the program in this particular ZIP code, where the SAFMR is set below the actual market rents.
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.