HUD Fair Market Rent · FY 2027 · Effective Oct 1, 2026 to Sep 30, 2027
Fair Market Rent in Monroe County, Florida (FY 2027)
HUD's FY 2027 Fair Market Rent for a two-bedroom in Monroe County is $2,254 a month. That's the number the housing authority starts from when it sets Section 8 payment standards here.
Two-bedroom FMR
$2,254
-10.0% from FY 2026
Payment standard
$2,029–$2,479
90% to 110% of the FMR, two-bedroom
Income to afford
$90,160
a year, with rent at 30% of income
Rank in Florida
4th of 67
by two-bedroom FMR, highest first
FY 2027 Fair Market Rents
Payment standard is the 90% to 110% band a housing authority can set. Income needed puts rent at 30% of gross income, and the hourly wage assumes a 40-hour week.
| Bedrooms | FMR | Payment standard | Income needed | Hourly wage | vs FY 2026 |
|---|---|---|---|---|---|
| Studio | $1,554 | $1,399–$1,709 | $62,160 | $29.88/hr | -10.0% |
| 1 bedroom | $1,990 | $1,791–$2,189 | $79,600 | $38.27/hr | -10.0% |
| 2 bedroom | $2,254 | $2,029–$2,479 | $90,160 | $43.35/hr | -10.0% |
| 3 bedroom | $2,973 | $2,676–$3,270 | $118,920 | $57.17/hr | -10.0% |
| 4 bedroom | $2,984 | $2,686–$3,282 | $119,360 | $57.38/hr | -10.0% |
Five to eight bedrooms (PropMetrics estimates)
HUD stops at four bedrooms. These add 15% of the four-bedroom rent per extra bedroom. It's our estimate, not a HUD number.
| Bedrooms | Estimated FMR | Payment standard |
|---|---|---|
| 5 bedroom Estimate | $3,432 | $3,089–$3,775 |
| 6 bedroom Estimate | $3,879 | $3,491–$4,267 |
| 7 bedroom Estimate | $4,327 | $3,894–$4,760 |
| 8 bedroom Estimate | $4,774 | $4,297–$5,251 |
Source: HUD Office of Policy Development and Research, FY 2027 Fair Market Rents. Rents include utilities. huduser.gov
Market check
HUD's number is one input. What does a two-bedroom in Monroe actually rent for?
Search any address in Monroe for a rent estimate built from nearby comps, with the HUD figure right next to it.
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What a voucher pays here
The voucher doesn't pay the FMR itself. It pays the payment standard. Housing authorities set it anywhere from 90% to 110% of FMR, which puts a two-bedroom standard in Monroe somewhere between $2,029 and $2,479. The tenant pays roughly 30% of their income, the voucher covers the rest up to the standard, and the PHA won't approve a rent above what comparable unassisted units get.
$2,254 a month is affordable, by HUD's 30% rule, on an income of roughly $90,160 a year. Put another way, $43 an hour full time.
Worked example for a two-bedroom renting at the payment standard. The tenant pays 30% of monthly income and the voucher covers the rest.
| Monthly household income | Tenant pays (30%) | Voucher pays at 90%$2,029 | Voucher pays at 100%$2,254 | Voucher pays at 110%$2,479 |
|---|---|---|---|---|
| $2,500 | $750 | $1,279 | $1,504 | $1,729 |
| $4,000 | $1,200 | $829 | $1,054 | $1,279 |
Rate history
The two-bedroom rate went down 10% from FY 2026 ($2,504) to FY 2027 ($2,254). Since FY 2020 it's up 30% in total, about 3.9% a year. The Florida median held flat over the same year.
| Fiscal year | Studio | 1 BR | 2 BR | 3 BR | 4 BR | 2BR change |
|---|---|---|---|---|---|---|
| FY 2020 | $1,195 | $1,327 | $1,728 | $2,287 | $2,903 | — |
| FY 2021 | $1,301 | $1,344 | $1,744 | $2,257 | $2,996 | +0.9% |
| FY 2022 | $1,333 | $1,370 | $1,759 | $2,261 | $2,993 | +0.9% |
| FY 2023 | $1,497 | $1,597 | $2,023 | $2,569 | $3,433 | +15.0% |
| FY 2024 | $1,556 | $1,730 | $2,139 | $2,812 | $3,426 | +5.7% |
| FY 2025 | $1,565 | $1,903 | $2,274 | $3,026 | $3,344 | +6.3% |
| FY 2026 | $1,726 | $2,211 | $2,504 | $3,303 | $3,315 | +10.1% |
| FY 2027In effect | $1,554 | $1,990 | $2,254 | $2,973 | $2,984 | -10.0% |
About this rate
Fair Market Rent is HUD's estimate of what a modest, decent unit rents for in an area, utilities included. It's set once a year and runs October to September. For FY 2027 that's October 1, 2026 through September 30, 2027. In Monroe, that runs from $1,554 for a studio up to $2,984 for four bedrooms, all five rates in the table above.
Because Monroe sits outside any HUD metro area, its rate is a county-wide figure built from local rents. One number covers every address in the county, Key West included.
Among Florida's 67 counties, Monroe ranks 4th for two-bedroom FMR. That's about 53% above the state median of $1,474 and about 112% above the national median county at $1,063. About 81,860 people live here, 39th in the state.
Rates by ZIP code
Zoom in and the picture changes. HUD's Small Area FMRs put a two-bedroom at $2,260 in 33001 (Long Key) and $2,620 in 33042 (Summerland Key), with the 12 ZIP codes in between. Housing authorities in HUD-designated metros use those ZIP rates instead of the county rate. Everywhere else the ZIP numbers show where rents actually sit, and the county rate stays the official standard.
| ZIP | City | 2BR rate | vs county |
|---|---|---|---|
| 33001 | Long Key | $2,260 | +0.3% |
| 33036 | Islamorada | $2,260 | +0.3% |
| 33037 | Key Largo | $2,260 | +0.3% |
| 33040 | Key West | $2,520 | +11.8% |
| 33041 | Key West | $2,260 | +0.3% |
| 33042 | Summerland Key | $2,620 | +16.2% |
| 33043 | Big Pine Key | $2,260 | +0.3% |
| 33045 | Key West | $2,260 | +0.3% |
| 33050 | Marathon | $2,260 | +0.3% |
| 33051 | Key Colony Beach | $2,260 | +0.3% |
| 33052 | Marathon Shores | $2,260 | +0.3% |
| 33070 | Tavernier | $2,260 | +0.3% |
Nearby counties
Two-bedroom FMR, with how each compares to Monroe.
Miami-Dade County
89 mi · 2,738,356 people
$2,564
+14%
Collier County
99 mi · 398,291 people
$2,036
-10%
Broward County
112 mi · 1,977,129 people
$2,321
+3%
Lee County
133 mi · 817,666 people
$1,835
-19%
Hendry County
134 mi · 42,382 people
$1,144
-49%
Palm Beach County
142 mi · 1,533,806 people
$2,349
+4%
Glades County
148 mi · 12,563 people
$1,127
-50%
Charlotte County
162 mi · 201,064 people
$1,575
-30%
Questions people ask
$2,254 a month for FY 2027, which runs October 1, 2026 through September 30, 2027. The other rates are $1,554 for a studio, $1,990 for one bedroom, $2,973 for three and $2,984 for four.
Tools for this county
Fair Market Rent lookup
Any ZIP code's Small Area FMR by bedroom count
Section 8 rent calculator
Payment standard and tenant share for a specific rent
What is Fair Market Rent?
How HUD calculates FMR and what it means for landlords
Rent affordability calculator
The income a household needs for a given rent
What does a rental in Monroe actually go for?
HUD's number is one input. Search any address in Monroe for a rent estimate built from nearby comps. Free to start, no card.
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