Skip to main content
Loading page
Monroe County/Summerland Key/33042

33042

ZIPSAFMR
Monroe County, FL
Zillow

ZIP Investment Score

43Below average

095130300
BRFMR
Eff. Rent
0 BR$1,810$1,990
1 BR$2,320$2,550
2 BR$2,620$2,880
3 BR$3,460$3,810
4 BR$3,470$3,820
5 BR$3,990Not available
6 BR$4,589Not available
7 BR$5,277Not available
8 BR$6,069Not available

Purchase Price Calculator

Maximum purchase price
$366,050

Cost breakdown

+Likely effective rent$2,880
HUD FMR$2,620
Market rent$4,470
Est. payment standard (110%)Used$2,880
-Principal and interest-$1,851
Loan amount$292,840
Down payment$73,210
Rate6.50%
Term30 years
-Operating costs-$829
Property taxes-$366
Insurance-$175
Utilities$0
HOA$0
Management-$288
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$45,838(62.6% ROI)
Projected value
$394,196
Return breakdown
Property appreciation+$28,146
Loan principal paid down+$10,492
Rental cash flow+$7,200
5-year hold
+$78,812(107.7% ROI)
Projected value
$414,152
Return breakdown
Property appreciation+$48,102
Loan principal paid down+$18,710
Rental cash flow+$12,000
10-year hold
+$171,107(233.7% ROI)
Projected value
$468,575
Return breakdown
Property appreciation+$102,525
Loan principal paid down+$44,582
Rental cash flow+$24,000

Public Housing Authority

Loading Public Housing Authority

Rolodex

Loading Rolodex

Market Alignment

Studio
0.43
1 BR
0.54
2 BR
0.59
3 BR
0.65
4 BR
0.65
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 33042 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 33042 (Summerland Key, FL) is $2,620 a month. That is down 10.0% from $2,910 in FY 2026. Summerland Key is in the Monroe County, FL non-metropolitan FMR area. HUD also publishes the ZIP-level Small Area FMRs shown here, but unless the local housing authority has adopted them, vouchers are based on the county-wide two-bedroom FMR of $2,254. Among 13 ZIP codes in Monroe County, 33042 has the highest two-bedroom rent (county range $2,010–$2,620). The median county two-bedroom FMR in Florida is $1,474, so ZIP 33042 is 78% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 33042
BedroomsFY 2027Change90–110% range
Studio$1,810−10.0%$1,629–$1,991
1BR$2,320−9.7%$2,088–$2,552
2BR$2,620−10.0%$2,358–$2,882
3BR$3,460−9.9%$3,114–$3,806
4BR$3,470−9.9%$3,123–$3,817

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 33042
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,810$2,320$2,620$3,460$3,470
FY 2026$2,010$2,570$2,910$3,840$3,850
FY 2025$1,800$2,180$2,610$3,470$3,840
FY 2024area FMR$1,556$1,730$2,139$2,812$3,426
FY 2023area FMR$1,497$1,597$2,023$2,569$3,433

Marked years use a different HUD benchmark than FY 2027, so they are not a like-for-like change.

Two-bedroom rent in nearby Monroe County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 33042
33034$2,010−23.3%
33036$2,260−13.7%
33037$2,260−13.7%
33040$2,520−3.8%
33041$2,260−13.7%
33042Current$2,620—
33043$2,260−13.7%
33045$2,260−13.7%
33050$2,260−13.7%
33051$2,260−13.7%
33052$2,260−13.7%
33070$2,260−13.7%

Questions about ZIP 33042 rents

How much will Section 8 pay for a two-bedroom in ZIP 33042?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the county-wide two-bedroom FMR of $2,254, which applies unless the housing authority uses Small Area FMRs, that basic range is $2,029 to $2,479 a month; under the ZIP-level Small Area FMR of $2,620 it would be $2,358 to $2,882. The voucher pays the lower of the payment standard or the gross rent, minus the tenant's share, which is usually about 30% of adjusted monthly income. Confirm the local housing authority's current schedule before underwriting.

Which HUD fair market rent area is ZIP 33042 in?

ZIP 33042 is in the Monroe County, FL non-metropolitan FMR area. Small Area FMRs are optional here; the county-wide two-bedroom FMR is $2,254.

How much did fair market rent change in ZIP 33042 for FY 2027?

The two-bedroom FMR fell 10.0%, from $2,910 in FY 2026 to $2,620 in FY 2027. Since FY 2025 it has risen 0.4%.

When do FY 2027 fair market rents take effect?

HUD's FY 2027 fair market rents took effect on October 1, 2026. When FMRs change, housing authorities generally have up to three months to bring payment standards back within 90% to 110% of the new FMR.

Source: HUD FY 2027 Small Area Fair Market Rents and area FMRs. Payment-standard ranges are 90% to 110% of FMR, HUD's basic range, not a housing authority's published schedule. How payment standards are set

County fair market rentSummerland Key, FL fair market rentFL statewide rentsWhat is SAFMR?Data sources