Section 8 Fair Market Rent (FMR) for ZIP 34684 - 2027

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

Investment Score for ZIP 34684

Monthly Rent (2BR)

$2,070

Median Price (2BR)

$266,099

1% Rule

0.78%

Annual Yield

9.33%

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	$1,720
1 Bedroom	$1,780
2 Bedrooms	$2,070
3 Bedrooms	$2,640
4 Bedrooms	$3,210
5 Bedrooms	$3,724
6 Bedrooms	$4,171
7 Bedrooms	$4,505
8 Bedrooms	$4,730

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
1BR	$1,780	$157,449	1.13%	B
2BR	$2,070	$266,099	0.78%	D
3BR	$2,640	$413,022	0.64%	D
4BR	$3,210	$631,415	0.51%	F
5BR	$3,724	$974,205	0.38%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

27,029

Median Household Income

$72,145

Housing Units

14,419

Renter Percentage

27.1%

Occupancy Rate

89.3%

Renter Occupied

3,493

Palm Harbor, FL, represented by ZIP code 34684, is a suburban community located along the Gulf Coast, offering residents a blend of coastal living and easy access to Tampa Bay's urban amenities. The area is characterized by its family-friendly neighborhoods, recreational opportunities, and a growing rental market that appeals to both young professionals and retirees.

The Fair Market Rent (FMR) for ZIP 34684 in fiscal year 2024 is set at $2070, indicating the government's benchmark for affordable housing in the region.
The market rent, as measured by the Zillow Observed Rent Index (ZORI), stands at $1,793, suggesting that the actual rents being charged are below the FMR but still competitive.
The median home value in Palm Harbor is $324,154, which reflects a stable housing market where property values have remained consistent over recent years.
Renters make up 27.1% of the population, showing a significant demand for rental properties in the area.
The Days on Market (DOM) for rental listings is 48 days, which is relatively short and indicates that properties are being leased quickly once they come onto the market.
The median household income in ZIP 34684 is $72,145, providing insight into the financial capacity of potential tenants and buyers.

In summary, the rental market in Palm Harbor is robust, with a fair number of renters and quick leasing times. While the market rent is slightly below the FMR, it still offers a solid return on investment for landlords and small-portfolio investors. The median home value suggests a stable real estate environment, while the median income level indicates that most households can afford to pay the going market rent. These factors collectively point to a favorable investment climate for those looking to enter the rental market in this Florida ZIP code.

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.