33965

ZIPSAFMR

Lee County, FL

ZIP Investment Score

095130300

BR	FMR	Eff. Rent	3Y CAGR
0 BR	$1,480	$1,630	-3.9%
1 BR	$1,490	$1,640	-3.7%
2 BR	$1,850	$2,040	-4.3%
3 BR	$2,430	$2,500	-4.4%
4 BR	$2,690	$2,960	-5.1%
5 BR	$3,093	Not available	-5.1%
6 BR	$3,558	Not available	-5.1%
7 BR	$4,091	Not available	-5.1%
8 BR	$4,705	Not available	-5.1%

Purchase Price Calculator

Maximum purchase price

$241,227

Cost breakdown

+Likely effective rent$2,040

HUD FMR$1,850

Market rent$2,290

Est. payment standard (110%)Used$2,040

-Principal and interest-$1,220

Loan amount$192,981

Down payment$48,245

Rate6.50%

Term30 years

-Operating costs-$620

Property taxes-$241

Insurance-$175

Utilities$0

HOA$0

Management-$204

=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

+$32,662(67.7% ROI)

Projected value

$259,775

Return breakdown

Property appreciation+$18,548

Loan principal paid down+$6,914

Rental cash flow+$7,200

5-year hold

+$56,029(116.1% ROI)

Projected value

$272,926

Return breakdown

Property appreciation+$31,699

Loan principal paid down+$12,330

Rental cash flow+$12,000

10-year hold

+$120,943(250.7% ROI)

Projected value

$308,791

Return breakdown

Property appreciation+$67,564

Loan principal paid down+$29,379

Rental cash flow+$24,000

Public Housing Authority

Rolodex

Market Alignment

Studio

0.77ratio

FMR$1,480

Market$1,920

vs market-$440

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

0.77

1 BR

0.73ratio

FMR$1,490

Market$2,030

vs market-$540

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

0.73

2 BR

0.81ratio

FMR$1,850

Market$2,290

vs market-$440

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

0.81

3 BR

0.96ratio

FMR$2,430

Market$2,530

vs market-$100

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

0.96

4 BR

0.37ratio

FMR$2,690

Market$7,280

vs market-$4,590

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

0.37

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 33965 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 33965 (Fort Myers, FL) is $1,850 a month. That is down 9.8% from $2,050 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, 33965 is tied for the 24th-highest two-bedroom rent (county range $1,770–$2,750). The median county two-bedroom FMR in Florida is $1,474, so ZIP 33965 is 26% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 33965
Bedrooms	FY 2026	FY 2027	Change	90–110% range
Studio	$1,640	$1,480	−9.8%	$1,332–$1,628
1BR	$1,650	$1,490	−9.7%	$1,341–$1,639
2BR	$2,050	$1,850	−9.8%	$1,665–$2,035
3BR	$2,690	$2,430	−9.7%	$2,187–$2,673
4BR	$2,980	$2,690	−9.7%	$2,421–$2,959

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 33965
Fiscal year	Studio	1BR	2BR	3BR	4BR
FY 2027	$1,480	$1,490	$1,850	$2,430	$2,690
FY 2026	$1,640	$1,650	$2,050	$2,690	$2,980
FY 2025	$1,820	$1,830	$2,270	$2,980	$3,310
FY 2024	$1,670	$1,670	$2,110	$2,780	$3,150
FY 2023	$1,180	$1,180	$1,490	$1,940	$2,200

Two-bedroom rent in nearby Lee County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code	2 bedroom	vs. 33965
33955	$1,820	−1.6%
33956	$2,750	+48.6%
33957	$2,710	+46.5%
33965Current	$1,850	—
33966	$1,990	+7.6%
33967	$1,960	+5.9%
33970	$1,840	−0.5%
33971	$1,970	+6.5%
33972	$1,770	−4.3%
33973	$1,770	−4.3%
33974	$1,950	+5.4%
33976	$2,010	+8.6%

Questions about ZIP 33965 rents

How much will Section 8 pay for a two-bedroom in ZIP 33965?

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 $1,850 it would be $1,665 to $2,035. 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 33965 in?

ZIP 33965 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 33965 for FY 2027?

The two-bedroom FMR fell 9.8%, from $2,050 in FY 2026 to $1,850 in FY 2027. Since FY 2023 it has risen 24.2%.

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