33915

ZIPSAFMR

Lee County, FL

ZIP Investment Score

095130300

BR	FMR	Eff. Rent	3Y CAGR
0 BR	$1,560	$1,200	5.5%
1 BR	$1,570	$1,460	5.7%
2 BR	$1,840	$1,780	3.1%
3 BR	$2,380	$1,880	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

$202,591

Cost breakdown

+Likely effective rent$1,780

HUD FMR$1,840

Market rentUsed$1,780

Est. payment standard (98%)$1,800

-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

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

+$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

Rolodex

Market Alignment

Studio

1.30ratio

FMR$1,560

Market$1,200

vs market+$360

FMR is above market; underwrite to market rent.

1.30

1 BR

1.08ratio

FMR$1,570

Market$1,460

vs market+$110

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

1.08

2 BR

1.03ratio

FMR$1,840

Market$1,780

vs market+$60

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

1.03

3 BR

1.27ratio

FMR$2,380

Market$1,880

vs market+$500

FMR is above market; underwrite to market rent.

1.27

4 BR

0.83ratio

FMR$2,620

Market$3,160

vs market-$540

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

0.83

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 33915 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 33915 (Cape Coral, FL) is $1,840 a month. That is down 6.1% from $1,960 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, 33915 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 33915 is 25% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 33915
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 33915
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. 33915
33909	$2,040	+10.9%
33910	$1,840	0.0%
33912	$1,970	+7.1%
33913	$2,220	+20.7%
33914	$2,000	+8.7%
33915Current	$1,840	—
33916	$1,770	−3.8%
33917	$1,770	−3.8%
33918	$1,840	0.0%
33919	$1,880	+2.2%
33920	$1,770	−3.8%
33921	$1,770	−3.8%

Questions about ZIP 33915 rents

How much will Section 8 pay for a two-bedroom in ZIP 33915?

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 33915 in?

ZIP 33915 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 33915 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 Cape Coral, FL fair market rent FL statewide rents What is SAFMR?Data sources