Section 8 Fair Market Rent (FMR) for ZIP 34677 - 2027

Location: Tampa-St. Petersburg-Clearwater, FL | Metro: Tampa-St. Petersburg-Clearwater, FL MSA

Investment Score for ZIP 34677

Monthly Rent (2BR)

$1,820

Median Price (2BR)

$201,458

1% Rule

0.9%

Annual Yield

10.84%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,520
1 Bedroom	$1,560
2 Bedrooms	$1,820
3 Bedrooms	$2,320
4 Bedrooms	$2,830
5 Bedrooms	$3,283
6 Bedrooms	$3,677
7 Bedrooms	$3,971
8 Bedrooms	$4,170

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$1,820	$201,458	0.9%	C
3BR	$2,320	$412,514	0.56%	F
4BR	$2,830	$660,006	0.43%	F
5BR	$3,283	$964,993	0.34%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

22,762

Median Household Income

$93,474

Housing Units

10,218

Renter Percentage

19.5%

Occupancy Rate

89.5%

Renter Occupied

1,783

Oldsmar, FL, located in ZIP code 34677, is a growing suburban area just north of Tampa that offers attractive opportunities for real estate investors, particularly those interested in the rental market. The region benefits from its proximity to major urban centers while maintaining a quieter, more residential atmosphere.

The Fair Market Rent (FMR) for ZIP 34677 is set at $1,870 for fiscal year 2024, providing a benchmark for rental pricing.
The market rent, as indicated by the Zillow Observed Rent Index (ZORI), stands at $1,915, reflecting the actual rental rates observed in the area.
The median home value in Oldsmar is $365,745, offering a mix of affordability and potential appreciation.
Renters make up 19.5% of the housing market, indicating a significant but not overwhelming presence of the rental sector.
The Days on Market (DOM) for properties averages 49 days, suggesting a relatively quick turnover rate for listings.
The median household income in the area is $93,474, supporting the ability of residents to afford higher rents.

Investors looking to enter the Oldsmar market can expect a steady demand for rental properties, backed by a strong median income and a fair balance between homeownership and renting. With the FMR and market rent close to parity, there's a clear indication of what tenants can afford, making it easier to price units competitively. The quick DOM suggests that well-priced and marketed properties will find tenants swiftly, reducing vacancy periods. However, the relatively low renter share means that competition among landlords might be fierce, necessitating high-quality maintenance and management practices to stand out. Overall, Oldsmar presents a solid investment opportunity for those willing to engage deeply with the local rental market dynamics.

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.