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Palm Beach County/Boca Raton/33428

33428

ZIPSAFMR
Palm Beach County, FL
Zillow

ZIP Investment Score

88Below average

095130300
BRFMR
Eff. Rent
0 BR$2,450$1,440
1 BR$2,580$1,640
2 BR$3,020$2,880
3 BR$3,920$3,420
4 BR$4,530$4,500
5 BR$5,210Not available
6 BR$5,991Not available
7 BR$6,890Not available
8 BR$7,923Not available

Purchase Price Calculator

Maximum purchase price
$366,050

Cost breakdown

+Likely effective rent$2,880
HUD FMR$3,020
Market rentUsed$2,880
Est. payment standard (97%)$2,930
-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

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Rolodex

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Market Alignment

Studio
1.70
1 BR
1.57
2 BR
1.05
3 BR
1.15
4 BR
1.01
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 33428 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 33428 (Boca Raton, FL) is $3,020 a month. That is up 7.1% from $2,820 in FY 2026. Boca Raton is in the West Palm Beach-Boca Raton, FL HUD Metro FMR Area, where HUD requires housing authorities to set voucher payment standards by ZIP code using Small Area FMRs. Among 74 ZIP codes in Palm Beach County, 33428 is tied for the 9th-highest two-bedroom rent (county range $1,080–$3,520). The median county two-bedroom FMR in Florida is $1,474, so ZIP 33428 is 105% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 33428
BedroomsFY 2027Change90–110% range
Studio$2,450+9.4%$2,205–$2,695
1BR$2,580+8.4%$2,322–$2,838
2BR$3,020+7.1%$2,718–$3,322
3BR$3,920+7.4%$3,528–$4,312
4BR$4,530+6.8%$4,077–$4,983

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 33428
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$2,450$2,580$3,020$3,920$4,530
FY 2026$2,240$2,380$2,820$3,650$4,240
FY 2025$1,980$2,210$2,640$3,450$4,120
FY 2024$1,890$2,220$2,670$3,530$4,270
FY 2023$1,530$1,870$2,290$3,060$3,740

Two-bedroom rent in nearby Palm Beach County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 33428
33422$2,350−22.2%
33424$2,350−22.2%
33425$2,350−22.2%
33426$2,580−14.6%
33427$2,350−22.2%
33428Current$3,020—
33429$2,350−22.2%
33430$1,100−63.6%
33431$3,140+4.0%
33432$3,200+6.0%
33433$2,880−4.6%
33434$1,970−34.8%

Questions about ZIP 33428 rents

How much will Section 8 pay for a two-bedroom in ZIP 33428?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $3,020, that basic range is $2,718 to $3,322 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 33428 in?

ZIP 33428 is in the West Palm Beach-Boca Raton, 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 33428 for FY 2027?

The two-bedroom FMR rose 7.1%, from $2,820 in FY 2026 to $3,020 in FY 2027. Since FY 2023 it has risen 31.9%.

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