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Lee County/Cape Coral/33909

33909

ZIPSAFMR
Lee County, FL
Zillow

ZIP Investment Score

84Below average

095130300
BRFMR
Eff. Rent
0 BR$1,730$1,480
1 BR$1,740$1,480
2 BR$2,040$1,780
3 BR$2,640$1,910
4 BR$2,910$2,100
5 BR$3,346Not available
6 BR$3,848Not available
7 BR$4,426Not available
8 BR$5,090Not available

Purchase Price Calculator

Maximum purchase price
$202,591

Cost breakdown

+Likely effective rent$1,780
HUD FMR$2,040
Market rentUsed$1,780
Est. payment standard (92%)$1,870
-Principal and interest-$1,024
Loan amount$162,073
Down payment$40,518
Rate6.50%
Term30 years
-Operating costs-$556
Property taxes-$203
Insurance-$175
Utilities$0
HOA$0
Management-$178
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$28,584(70.5% ROI)
Projected value
$218,168
Return breakdown
Property appreciation+$15,577
Loan principal paid down+$5,807
Rental cash flow+$7,200
5-year hold
+$48,977(120.9% ROI)
Projected value
$229,213
Return breakdown
Property appreciation+$26,622
Loan principal paid down+$10,355
Rental cash flow+$12,000
10-year hold
+$105,416(260.2% ROI)
Projected value
$259,333
Return breakdown
Property appreciation+$56,743
Loan principal paid down+$24,674
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.17
1 BR
1.18
2 BR
1.15
3 BR
1.38
4 BR
1.39
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 33909 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 33909 (Cape Coral, FL) is $2,040 a month. That is down 6.0% from $2,170 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, 33909 has the 12th-highest two-bedroom rent (county range $1,770–$2,750). The median county two-bedroom FMR in Florida is $1,474, so ZIP 33909 is 38% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 33909
BedroomsFY 2027Change90–110% range
Studio$1,730−3.9%$1,557–$1,903
1BR$1,740−3.9%$1,566–$1,914
2BR$2,040−6.0%$1,836–$2,244
3BR$2,640−6.7%$2,376–$2,904
4BR$2,910−7.3%$2,619–$3,201

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 33909
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,730$1,740$2,040$2,640$2,910
FY 2026$1,800$1,810$2,170$2,830$3,140
FY 2025$1,640$1,650$2,040$2,680$2,980
FY 2024$1,450$1,450$1,830$2,400$2,730
FY 2023$1,220$1,230$1,560$2,040$2,320

Two-bedroom rent in nearby Lee County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 33909
33903$1,770−13.2%
33904$1,880−7.8%
33905$1,770−13.2%
33906$1,840−9.8%
33907$1,850−9.3%
33908$2,090+2.5%
33909Current$2,040—
33910$1,840−9.8%
33912$1,970−3.4%
33913$2,220+8.8%
33914$2,000−2.0%
33915$1,840−9.8%

Questions about ZIP 33909 rents

How much will Section 8 pay for a two-bedroom in ZIP 33909?

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 $2,040 it would be $1,836 to $2,244. 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 33909 in?

ZIP 33909 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 33909 for FY 2027?

The two-bedroom FMR fell 6.0%, from $2,170 in FY 2026 to $2,040 in FY 2027. Since FY 2023 it has risen 30.8%.

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