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Miami-Dade County/Miami/33187

33187

ZIPSAFMR
Miami-Dade County, FL
Zillow

ZIP Investment Score

65Below average

095130300
BRFMR
Eff. Rent
0 BR$2,320$1,550
1 BR$2,520$1,440
2 BR$3,050$3,140
3 BR$3,900$3,340
4 BR$4,460$4,240
5 BR$5,129Not available
6 BR$5,898Not available
7 BR$6,783Not available
8 BR$7,801Not available

Purchase Price Calculator

Maximum purchase price
$404,686

Cost breakdown

+Likely effective rent$3,140
HUD FMR$3,050
Market rent$3,190
Est. payment standard (103%)Used$3,140
-Principal and interest-$2,046
Loan amount$323,749
Down payment$80,937
Rate6.50%
Term30 years
-Operating costs-$894
Property taxes-$405
Insurance-$175
Utilities$0
HOA$0
Management-$314
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$49,916(61.7% ROI)
Projected value
$435,803
Return breakdown
Property appreciation+$31,117
Loan principal paid down+$11,599
Rental cash flow+$7,200
5-year hold
+$85,863(106.1% ROI)
Projected value
$457,865
Return breakdown
Property appreciation+$53,179
Loan principal paid down+$20,684
Rental cash flow+$12,000
10-year hold
+$186,633(230.6% ROI)
Projected value
$518,033
Return breakdown
Property appreciation+$113,346
Loan principal paid down+$49,287
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.50
1 BR
1.75
2 BR
0.96
3 BR
1.17
4 BR
1.05
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 33187 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 33187 (Miami, FL) is $3,050 a month. That is down 0.7% from $3,070 in FY 2026. Miami is in the Miami-Miami Beach-Kendall, FL HUD Metro FMR Area, where HUD requires housing authorities to set voucher payment standards by ZIP code using Small Area FMRs. Among 119 ZIP codes in Miami-Dade County, 33187 has the 21st-highest two-bedroom rent (county range $2,010–$3,850). The median county two-bedroom FMR in Florida is $1,474, so ZIP 33187 is 107% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 33187
BedroomsFY 2027Change90–110% range
Studio$2,320+0.9%$2,088–$2,552
1BR$2,520+0.4%$2,268–$2,772
2BR$3,050−0.7%$2,745–$3,355
3BR$3,900−1.0%$3,510–$4,290
4BR$4,460−2.0%$4,014–$4,906

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 33187
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$2,320$2,520$3,050$3,900$4,460
FY 2026$2,300$2,510$3,070$3,940$4,550
FY 2025$2,320$2,580$3,160$4,080$4,780
FY 2024$2,430$2,720$3,360$4,380$5,190
FY 2023$2,000$2,270$2,820$3,710$4,400

Two-bedroom rent in nearby Miami-Dade County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 33187
33180$3,800+24.6%
33181$2,450−19.7%
33182$3,390+11.1%
33183$2,730−10.5%
33184$2,850−6.6%
33185$3,850+26.2%
33186$2,800−8.2%
33187Current$3,050—
33189$2,340−23.3%
33190$2,520−17.4%
33192$2,560−16.1%
33193$2,590−15.1%

Questions about ZIP 33187 rents

How much will Section 8 pay for a two-bedroom in ZIP 33187?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $3,050, that basic range is $2,745 to $3,355 a month. 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 33187 in?

ZIP 33187 is in the Miami-Miami Beach-Kendall, FL HUD Metro FMR Area. HUD requires Small Area FMRs in this area, so payment standards are set by ZIP code.

How much did fair market rent change in ZIP 33187 for FY 2027?

The two-bedroom FMR fell 0.7%, from $3,070 in FY 2026 to $3,050 in FY 2027. Since FY 2023 it has risen 8.2%.

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 rentMiami, FL fair market rentFL statewide rentsWhat is SAFMR?Data sources