33902

ZIPSAFMR

Lee County, FL

ZIP Investment Score

095130300

BR	FMR	Eff. Rent	3Y CAGR
0 BR	$1,560	$1,150	5.5%
1 BR	$1,570	$1,310	5.7%
2 BR	$1,840	$1,640	3.1%
3 BR	$2,380	$2,480	2.7%
4 BR	$2,620	$2,880	1.6%
5 BR	$3,013	Not available	1.6%
6 BR	$3,465	Not available	1.6%
7 BR	$3,985	Not available	1.6%
8 BR	$4,582	Not available	1.6%

Purchase Price Calculator

Maximum purchase price

$181,787

Cost breakdown

+Likely effective rent$1,640

HUD FMR$1,840

Market rentUsed$1,640

Est. payment standard (93%)$1,710

-Principal and interest-$919

Loan amount$145,429

Down payment$36,357

Rate6.50%

Term30 years

-Operating costs-$521

Property taxes-$182

Insurance-$175

Utilities$0

HOA$0

Management-$164

=Target cash flow+$200

Calculation mode

BedroomsCash-flow target

Down payment methodDown payment %

HOA / mo

Utilities methodUtilities amount

Management methodManagement % of rent

Hold period projections

Annual appreciation rate

3-year hold

+$26,388(72.6% ROI)

Projected value

$195,765

Return breakdown

Property appreciation+$13,978

Loan principal paid down+$5,210

Rental cash flow+$7,200

5-year hold

+$45,180(124.3% ROI)

Projected value

$205,675

Return breakdown

Property appreciation+$23,888

Loan principal paid down+$9,292

Rental cash flow+$12,000

10-year hold

+$97,056(266.9% ROI)

Projected value

$232,703

Return breakdown

Property appreciation+$50,916

Loan principal paid down+$22,140

Rental cash flow+$24,000

Public Housing Authority

Rolodex

Market Alignment

Studio

1.36ratio

FMR$1,560

Market$1,150

vs market+$410

FMR is above market; underwrite to market rent.

1.36

1 BR

1.20ratio

FMR$1,570

Market$1,310

vs market+$260

FMR is above market; underwrite to market rent.

1.20

2 BR

1.12ratio

FMR$1,840

Market$1,640

vs market+$200

FMR is above market; underwrite to market rent.

1.12

3 BR

0.94ratio

FMR$2,380

Market$2,540

vs market-$160

FMR is near market; voucher and private rents are aligned.

0.94

4 BR

0.78ratio

FMR$2,620

Market$3,340

vs market-$720

FMR is below market; voucher rent may lag private rents.

0.78

0.700.800.901.001.101.201.30aligned range

Historical

FY 2023-2027

FMR: FY2027
Market rent: last ~365 days
Property value: --
Tax rate: --
Mortgage rate: --

ZIP 33902 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 33902 (Fort Myers, FL) is $1,840 a month. That is down 6.1% from $1,960 in FY 2026. Fort Myers is in the Cape Coral-Fort Myers, FL MSA. 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 metro-wide two-bedroom FMR of $1,835. Among 50 ZIP codes in Lee County, 33902 is tied for the 26th-highest two-bedroom rent (county range $1,770–$2,750). The median county two-bedroom FMR in Florida is $1,474, so ZIP 33902 is 25% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 33902
Bedrooms	FY 2026	FY 2027	Change	90–110% range
Studio	$1,630	$1,560	−4.3%	$1,404–$1,716
1BR	$1,640	$1,570	−4.3%	$1,413–$1,727
2BR	$1,960	$1,840	−6.1%	$1,656–$2,024
3BR	$2,560	$2,380	−7.0%	$2,142–$2,618
4BR	$2,830	$2,620	−7.4%	$2,358–$2,882

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 33902
Fiscal year	Studio	1BR	2BR	3BR	4BR
FY 2027	$1,560	$1,570	$1,840	$2,380	$2,620
FY 2026	$1,630	$1,640	$1,960	$2,560	$2,830
FY 2025	$1,480	$1,490	$1,840	$2,420	$2,690
FY 2024	$1,330	$1,330	$1,680	$2,200	$2,500
FY 2023	$1,130	$1,140	$1,450	$1,890	$2,160

Two-bedroom rent in nearby Lee County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code	2 bedroom	vs. 33902
33901	$1,770	−3.8%
33902Current	$1,840	—
33903	$1,770	−3.8%
33904	$1,880	+2.2%
33905	$1,770	−3.8%
33906	$1,840	0.0%
33907	$1,850	+0.5%
33908	$2,090	+13.6%
33909	$2,040	+10.9%
33910	$1,840	0.0%
33912	$1,970	+7.1%
33913	$2,220	+20.7%

Questions about ZIP 33902 rents

How much will Section 8 pay for a two-bedroom in ZIP 33902?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,835, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,652 to $2,019 a month; under the ZIP-level Small Area FMR of $1,840 it would be $1,656 to $2,024. 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 33902 in?

ZIP 33902 is in the Cape Coral-Fort Myers, FL MSA. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,835.

How much did fair market rent change in ZIP 33902 for FY 2027?

The two-bedroom FMR fell 6.1%, from $1,960 in FY 2026 to $1,840 in FY 2027. Since FY 2023 it has risen 26.9%.

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 rent Fort Myers, FL fair market rent FL statewide rents What is SAFMR?Data sources