FY2027 Small Area FMR · Key West, FL

ZIP 33040 Fair Market Rent & Payment Standards

HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 33040 (Key West, FL) is $2,520 a month, down 10.0% from FY2026. That is 12% above the Monroe County, FL area-wide FMR of $2,254.

2-bedroom SAFMR$2,520per month ▼ 10.0%

Area-wide 2 BR FMR$2,254Monroe County, FL

Rank in the area2ndof 14 ZIP codes

Payment standard range, 2 bedrooms

90% of SAFMR$2,268

2 BR Small Area FMR$2,520

110% of SAFMR$2,772

Housing agencies may set voucher payment standards anywhere from 90% to 110% of the FMR without asking HUD.

Studio$1,740▼ 9.8%

1 BR$2,230▼ 9.7%

2 BR$2,520▼ 10.0%

3 BR$3,330▼ 9.8%

4 BR$3,340▼ 10.0%

FY2027 FY2026

Where 33040 sits in the Monroe County, FL area

Of the 14 ZIP codes HUD lists for the area, 33040 has the 2nd highest two-bedroom Small Area FMR. Monroe County, FL is not on HUD's list of mandatory Small Area FMR areas, so voucher payment standards here are normally based on the area-wide FMR of $2,254 for two bedrooms; an agency that opts in to Small Area FMRs would use $2,520 for this ZIP code instead.

All unit sizes

Monthly gross rent including utilities
Unit	FY2027 SAFMR	Payment standard range	Area-wide FMR	FY2026 SAFMR
Studio	$1,740	$1,566 – $1,914	$1,554	$1,930
1 bedroom	$2,230	$2,007 – $2,453	$1,990	$2,470
2 bedrooms	$2,520	$2,268 – $2,772	$2,254	$2,800
3 bedrooms	$3,330	$2,997 – $3,663	$2,973	$3,690
4 bedrooms	$3,340	$3,006 – $3,674	$2,984	$3,710

A household renting a two-bedroom home at the Small Area FMR of $2,520 needs about $100,800 a year to keep housing costs at 30% of income. The area median family income is $129,600 and the 80% low-income limit for four people is $114,650. ZIP code 33040 lies mainly in Monroe County. See the Monroe County, FL county page for the full income limits table and the household check.

Nearby ZIP codes

ZIP	Place	Distance	2 BR SAFMR
33042	Summerland Key	25.8 mi	$2,620
33043	Big Pine Key	35.4 mi	$2,260
33051	Key Colony Beach	55.6 mi	$2,260
33050	Marathon	56.8 mi	$2,260
33001	Long Key	70.2 mi	$2,260
33036	Islamorada	78.3 mi	$2,260

Questions

What is the Fair Market Rent for ZIP code 33040?

HUD's FY2027 Small Area Fair Market Rents for 33040 are $1,740 (studio), $2,230 (1 BR), $2,520 (2 BR), $3,330 (3 BR) and $3,340 (4 BR) a month.

What is the Section 8 payment standard in 33040?

Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 33040 that range is $2,268 to $2,772 if the agency uses Small Area FMRs. Ask your housing agency for its actual payment standard.

Which income limits apply in 33040?

The FY2026 income limits of the Monroe County, FL area apply: median family income $129,600, low-income (80%) limit $114,650 for a family of four.