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Lee County/Cape Coral/33904

33904

ZIPSAFMR
Lee County, FL
Zillow

ZIP Investment Score

62Below average

095130300
BRFMR
Eff. Rent
0 BR$1,590$1,600
1 BR$1,600$1,570
2 BR$1,880$1,800
3 BR$2,430$1,960
4 BR$2,680$2,950
5 BR$3,082Not available
6 BR$3,544Not available
7 BR$4,076Not available
8 BR$4,687Not available

Purchase Price Calculator

Maximum purchase price
$205,563

Cost breakdown

+Likely effective rent$1,800
HUD FMR$1,880
Market rentUsed$1,800
Est. payment standard (97%)$1,830
-Principal and interest-$1,039
Loan amount$164,450
Down payment$41,113
Rate6.50%
Term30 years
-Operating costs-$561
Property taxes-$206
Insurance-$175
Utilities$0
HOA$0
Management-$180
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$28,898(70.3% ROI)
Projected value
$221,369
Return breakdown
Property appreciation+$15,806
Loan principal paid down+$5,892
Rental cash flow+$7,200
5-year hold
+$49,519(120.4% ROI)
Projected value
$232,575
Return breakdown
Property appreciation+$27,013
Loan principal paid down+$10,507
Rental cash flow+$12,000
10-year hold
+$106,611(259.3% ROI)
Projected value
$263,138
Return breakdown
Property appreciation+$57,575
Loan principal paid down+$25,036
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
0.99
1 BR
1.02
2 BR
1.04
3 BR
1.24
4 BR
0.83
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 33904 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 33904 (Cape Coral, FL) is $1,880 a month. That is down 6.9% from $2,020 in FY 2026. Cape Coral 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, 33904 is tied for the 21st-highest two-bedroom rent (county range $1,770–$2,750). The median county two-bedroom FMR in Florida is $1,474, so ZIP 33904 is 28% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 33904
BedroomsFY 2027Change90–110% range
Studio$1,590−5.4%$1,431–$1,749
1BR$1,600−5.3%$1,440–$1,760
2BR$1,880−6.9%$1,692–$2,068
3BR$2,430−8.0%$2,187–$2,673
4BR$2,680−8.2%$2,412–$2,948

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 33904
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,590$1,600$1,880$2,430$2,680
FY 2026$1,680$1,690$2,020$2,640$2,920
FY 2025$1,510$1,520$1,880$2,470$2,750
FY 2024$1,340$1,340$1,690$2,220$2,520
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 code2 bedroomvs. 33904
33901$1,770−5.9%
33902$1,840−2.1%
33903$1,770−5.9%
33904Current$1,880—
33905$1,770−5.9%
33906$1,840−2.1%
33907$1,850−1.6%
33908$2,090+11.2%
33909$2,040+8.5%
33910$1,840−2.1%
33912$1,970+4.8%
33913$2,220+18.1%

Questions about ZIP 33904 rents

How much will Section 8 pay for a two-bedroom in ZIP 33904?

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 $1,880 it would be $1,692 to $2,068. 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 33904 in?

ZIP 33904 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 33904 for FY 2027?

The two-bedroom FMR fell 6.9%, from $2,020 in FY 2026 to $1,880 in FY 2027. Since FY 2023 it has risen 29.7%.

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