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 | $2,090 |
| 1 Bedroom | $2,100 |
| 2 Bedrooms | $2,530 |
| 3 Bedrooms | $3,430 |
| 4 Bedrooms | $3,580 |
| 5 Bedrooms | $4,153 |
| 6 Bedrooms | $4,651 |
| 7 Bedrooms | $5,023 |
| 8 Bedrooms | $5,274 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,530 | $296,527 | 0.85% | C |
| 3BR | $3,430 | $576,406 | 0.6% | F |
| 4BR | $3,580 | $857,221 | 0.42% | F |
| 5BR | $4,153 | $1,058,472 | 0.39% | F |
U.S. Census Bureau data (2024)
The ZIP code 34990, located in Palm City, FL, has a population of 30,592 residents. Only 9.2% of these residents are renters, indicating that this is predominantly a homeowner-dominated area rather than a renter-heavy ZIP. The median household income stands at $129,560, which is notably high compared to the national average.
The market rent in this area is $2,481 per month, which constitutes approximately 23% of the median household income. This suggests that while rent is a significant portion of income, it remains manageable for most residents given their relatively high earnings. However, the comparison to the Fair Market Rent (FMR) of $2,080 for FY 2024 highlights a discrepancy. The FMR is lower than the actual market rent, implying that the cost of living in this ZIP is higher than what might be considered fair by federal standards.
In terms of Section 8 voucher demand, the scarcity of renters in the area means that there will likely be fewer tenants seeking housing through the Section 8 program. This can be both a challenge and an opportunity for landlords. On one hand, the limited number of Section 8 tenants means less competition for vouchers. On the other hand, landlords may find it difficult to attract tenants who rely solely on vouchers due to the low availability and the higher market rent compared to the FMR.
A landlord in ZIP 34990 should expect a tenant profile that includes individuals or families who have a moderate to strong financial standing. These tenants would likely be able to cover the higher market rent without relying heavily on government assistance. For those who do use Section 8 vouchers, landlords must ensure they meet the criteria set forth by the program, including rent limits that align with the FMR of $2,080.
To summarize, ZIP 34990 is not a prime location for landlords looking to capitalize on a large pool of Section 8 tenants. Instead, it caters to a smaller, more financially stable group of renters. Landlords should prepare for a niche market and consider the balance between market rents and the FMR when accepting Section 8 vouchers.
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.