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Pasco County/Land O Lakes/34638

34638

ZIPSAFMR
Pasco County, FL
Zillow

ZIP Investment Score

84Below average

095130300
BRFMR
Eff. Rent
0 BR$2,320$1,680
1 BR$2,390$1,650
2 BR$2,780$2,050
3 BR$3,550$2,160
4 BR$4,320$2,620
5 BR$4,968Not available
6 BR$5,713Not available
7 BR$6,570Not available
8 BR$7,556Not available

Purchase Price Calculator

Maximum purchase price
$242,713

Cost breakdown

+Likely effective rent$2,050
HUD FMR$2,780
Market rentUsed$2,050
Est. payment standard (90%)$2,500
-Principal and interest-$1,227
Loan amount$194,170
Down payment$48,543
Rate6.50%
Term30 years
-Operating costs-$623
Property taxes-$243
Insurance-$175
Utilities$0
HOA$0
Management-$205
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$32,819(67.6% ROI)
Projected value
$261,375
Return breakdown
Property appreciation+$18,662
Loan principal paid down+$6,957
Rental cash flow+$7,200
5-year hold
+$56,300(116.0% ROI)
Projected value
$274,607
Return breakdown
Property appreciation+$31,894
Loan principal paid down+$12,406
Rental cash flow+$12,000
10-year hold
+$121,540(250.4% ROI)
Projected value
$310,693
Return breakdown
Property appreciation+$67,980
Loan principal paid down+$29,560
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.38
1 BR
1.45
2 BR
1.36
3 BR
1.64
4 BR
1.65
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 34638 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 34638 (Land O Lakes, FL) is $2,780 a month. That is down 6.1% from $2,960 in FY 2026. Land O Lakes is in the Tampa-St. Petersburg-Clearwater, FL MSA, where HUD requires housing authorities to set voucher payment standards by ZIP code using Small Area FMRs. Among 45 ZIP codes in Pasco County, 34638 has the highest two-bedroom rent (county range $1,020–$2,780). The median county two-bedroom FMR in Florida is $1,474, so ZIP 34638 is 89% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 34638
BedroomsFY 2027Change90–110% range
Studio$2,320−2.9%$2,088–$2,552
1BR$2,390−5.9%$2,151–$2,629
2BR$2,780−6.1%$2,502–$3,058
3BR$3,550−6.1%$3,195–$3,905
4BR$4,320−6.3%$3,888–$4,752

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 34638
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$2,320$2,390$2,780$3,550$4,320
FY 2026$2,390$2,540$2,960$3,780$4,610
FY 2025$2,330$2,510$2,940$3,760$4,580
FY 2024$2,090$2,250$2,670$3,410$4,170
FY 2023$1,770$1,890$2,270$2,900$3,560

Two-bedroom rent in nearby Pasco County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 34638
34609$1,980−28.8%
34610$1,710−38.5%
34637$2,170−21.9%
34638Current$2,780—
34639$2,410−13.3%
34652$1,530−45.0%
34653$1,540−44.6%
34654$1,930−30.6%
34655$2,130−23.4%
34656$1,770−36.3%
34667$1,540−44.6%
34668$1,690−39.2%

Questions about ZIP 34638 rents

How much will Section 8 pay for a two-bedroom in ZIP 34638?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $2,780, that basic range is $2,502 to $3,058 a month. 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 34638 in?

ZIP 34638 is in the Tampa-St. Petersburg-Clearwater, FL MSA. HUD requires Small Area FMRs in this area, so payment standards are set by ZIP code.

How much did fair market rent change in ZIP 34638 for FY 2027?

The two-bedroom FMR fell 6.1%, from $2,960 in FY 2026 to $2,780 in FY 2027. Since FY 2023 it has risen 22.5%.

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 rentLand O Lakes, FL fair market rentFL statewide rentsWhat is SAFMR?Data sources