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 | $1,610 |
| 1 Bedroom | $1,660 |
| 2 Bedrooms | $1,930 |
| 3 Bedrooms | $2,470 |
| 4 Bedrooms | $3,000 |
| 5 Bedrooms | $3,480 |
| 6 Bedrooms | $3,898 |
| 7 Bedrooms | $4,210 |
| 8 Bedrooms | $4,421 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,660 | $97,896 | 1.7% | A+ |
| 2BR | $1,930 | $210,562 | 0.92% | C |
| 3BR | $2,470 | $312,852 | 0.79% | D |
| 4BR | $3,000 | $456,077 | 0.66% | D |
| 5BR | $3,480 | $596,857 | 0.58% | F |
U.S. Census Bureau data (2024)
The market analysis for Section 8 investors in ZIP code 34654, located in New Port Richey, FL, within the Tampa-St. Petersburg-Clearwater, FL MSA, reveals a competitive rental environment. The HUD Fair Market Rent (FMR) for the area is set at $1820 per month for fiscal year 2024. In comparison, the market rent as measured by Zillow's ZORI index stands at $1952. This indicates that voucher tenants will cashflow at the FMR level, but only marginally. Landlords would need to focus on maintaining premium units to ensure positive cashflow.
To further understand the investment potential, consider the median home value in the area, which is $314,741. This figure yields a rent-to-price ratio of approximately 0.64%, suggesting that the local housing market is relatively stable and that rental income is a modest component of total property value. However, this ratio also implies that the area might offer better returns through appreciation rather than rental income alone.
The rental market shows signs of competitiveness, with a median Days on Market (DOM) of 59 days and a price-cut share of 0.4%. These metrics indicate that properties are selling quickly, and there is little need for significant price reductions. For investors, this suggests a strong demand for rentals, particularly those that align closely with market expectations.
The strongest investor angle in ZIP 34654 is likely appreciation. Given the steady growth in home values and the competitive rental market, investing in properties that can attract both market-rate and voucher tenants will provide a solid foundation for long-term gains.
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.