Location: Port St. Lucie, FL | Metro: Port St. Lucie, 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 | $2,380 |
| 1 Bedroom | $2,400 |
| 2 Bedrooms | $2,890 |
| 3 Bedrooms | $3,910 |
| 4 Bedrooms | $4,080 |
| 5 Bedrooms | $4,733 |
| 6 Bedrooms | $5,301 |
| 7 Bedrooms | $5,725 |
| 8 Bedrooms | $6,011 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,890 | $387,686 | 0.75% | D |
| 3BR | $3,910 | $463,397 | 0.84% | C |
| 4BR | $4,080 | $478,516 | 0.85% | C |
| 5BR | $4,733 | $513,246 | 0.92% | C |
U.S. Census Bureau data (2024)
The economics of Section 8 housing in ZIP code 34987, which encompasses Port Saint Lucie, Florida, and part of Saint Lucie County, are straightforward. The SAFMR (Small Area Fair Market Rent) for a two-bedroom apartment in this specific ZIP code for fiscal year 2024 is set at $2300. This SAFMR figure represents the maximum amount that the Housing Choice Voucher program will pay towards the rent of a two-bedroom unit in this area.
The local market rent, as measured by ZORI (Zillow Observed Rental Index), stands at $2,474 for a similar two-bedroom apartment. This indicates that the market rent slightly exceeds the SAFMR, creating a scenario where landlords might face a small shortfall if they rely solely on Section 8 vouchers to cover their rental income.
A voucher payment consists of two parts: the tenant's portion and the government subsidy. The tenant's portion is generally 30% of their adjusted monthly income. For example, if a tenant has an adjusted monthly income of $1,000, they would contribute $300 towards the rent. The government then subsidizes the difference between the tenant's contribution and the SAFMR.
In addition to the rent, there are utility allowances. These allowances vary but typically add up to around $300-$400 per month. This means that if a landlord agrees to accept a Section 8 voucher, they can expect the total monthly reimbursement to be the SAFMR plus the utility allowance. In the case of a $2300 SAFMR and a $350 utility allowance, the total reimbursement would be $2650.
However, it's important to note that while the total reimbursement might seem higher due to the utility allowance, the utility allowance does not directly increase the rent reimbursement. Instead, it covers the cost of utilities, which tenants can use to offset their utility expenses. Therefore, the actual rent reimbursement remains at the SAFMR level of $2300.
To illustrate, if a landlord charges the ZORI rate of $2,474 for a two-bedroom unit, and the government reimburses $2300, the landlord would have a reimbursement gap of $174 per month. This gap must be covered by the landlord, either by accepting a lower overall rent or by adjusting other aspects of their rental business model.
Landlords should consider these factors when deciding whether to participate in the Section 8 program. While the SAFMR provides a guaranteed minimum payment, it may fall short of the local market rates, leading to a reimbursement gap. Conversely, if the market rent is below the SAFMR, landlords could benefit from a surplus, but this is less common in ZIP 34987.
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.