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 | $1,280 |
| 1 Bedroom | $1,320 |
| 2 Bedrooms | $1,540 |
| 3 Bedrooms | $1,970 |
| 4 Bedrooms | $2,390 |
| 5 Bedrooms | $2,772 |
| 6 Bedrooms | $3,105 |
| 7 Bedrooms | $3,353 |
| 8 Bedrooms | $3,521 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,320 | $95,347 | 1.38% | A |
| 2BR | $1,540 | $197,217 | 0.78% | D |
| 3BR | $1,970 | $284,924 | 0.69% | D |
| 4BR | $2,390 | $357,482 | 0.67% | D |
U.S. Census Bureau data (2024)
The classification of ZIP code 34653 in New Port Richey, FL, hinges on the balance between yield and stability. With a Fair Market Rent (FMR) of $1,550 for the fiscal year 2024, compared to the market rent of $1,587, it suggests that properties here can command slightly above the average rental price. The median home value stands at $249,427, indicating a relatively affordable entry point into the real estate market for small-portfolio investors.
On the stability axis, the ZIP code presents a mixed picture. Approximately 34.6% of residents are renters, which is a moderate percentage. This figure implies a steady demand for rental housing but also indicates that a significant portion of the population might be homeowners, potentially affecting the rental market's consistency. The days on market (DOM) average is 47 days, which is reasonable and suggests that rental properties are typically occupied quickly. However, the median household income is $49,563, which is lower than many other areas, possibly impacting tenants' ability to pay higher rents consistently.
Based on these figures, ZIP 34653 leans towards being a steady-cashflow zone rather than a high-yield/low-stability flip-style market. The slightly above-average market rent coupled with the reasonable DOM indicates a stable rental environment. While the median home value suggests opportunities for flipping, the lower median income tempers the potential for high yields through aggressive rent increases. Landlords and small-portfolio investors should expect moderate returns with relatively low risk due to the consistent rental demand and manageable property values.
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.