FY2027 Small Area FMR · Estero, FL

ZIP 33928 Fair Market Rent & Payment Standards

HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 33928 (Estero, FL) is $2,300 a month, down 9.8% from FY2026. That is 25% above the Cape Coral-Fort Myers, FL area-wide FMR of $1,835.

2-bedroom SAFMR$2,300per month ▼ 9.8%

Area-wide 2 BR FMR$1,835Cape Coral-Fort Myers, FL

Rank in the area4thof 50 ZIP codes

Payment standard range, 2 bedrooms

90% of SAFMR$2,070

2 BR Small Area FMR$2,300

110% of SAFMR$2,530

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

Studio$1,920▼ 9.4%

1 BR$1,930▼ 9.4%

2 BR$2,300▼ 9.8%

3 BR$3,000▼ 9.9%

4 BR$3,330▼ 9.8%

FY2027 FY2026

Where 33928 sits in the Cape Coral-Fort Myers, FL area

Of the 50 ZIP codes HUD lists for the area, 33928 has the 4th highest two-bedroom Small Area FMR. Cape Coral-Fort Myers, 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 $1,835 for two bedrooms; an agency that opts in to Small Area FMRs would use $2,300 for this ZIP code instead.

ZIP code 33928 crosses more than one HUD area. HUD also lists it under Naples-Marco Island, FL (same figures). The figure that applies depends on which side of the line the home is.

All unit sizes

Monthly gross rent including utilities
Unit	FY2027 SAFMR	Payment standard range	Area-wide FMR	FY2026 SAFMR
Studio	$1,920	$1,728 – $2,112	$1,555	$2,120
1 bedroom	$1,930	$1,737 – $2,123	$1,564	$2,130
2 bedrooms	$2,300	$2,070 – $2,530	$1,835	$2,550
3 bedrooms	$3,000	$2,700 – $3,300	$2,373	$3,330
4 bedrooms	$3,330	$2,997 – $3,663	$2,615	$3,690

A household renting a two-bedroom home at the Small Area FMR of $2,300 needs about $92,000 a year to keep housing costs at 30% of income. The area median family income is $105,700 and the 80% low-income limit for four people is $89,900. ZIP code 33928 lies mainly in Lee County. See the Cape Coral-Fort Myers, FL county page for the full income limits table and the household check.

Nearby ZIP codes

ZIP	Place	Distance	2 BR SAFMR
34135	Bonita Springs	3.7 mi	$2,060
33965	Fort Myers	6.6 mi	$1,850
34110	Naples	7.8 mi	$2,220
34134	Bonita Springs	8.0 mi	$1,980
34119	Naples	8.2 mi	$2,250
33967	Fort Myers	8.7 mi	$1,960

Questions

What is the Fair Market Rent for ZIP code 33928?

HUD's FY2027 Small Area Fair Market Rents for 33928 are $1,920 (studio), $1,930 (1 BR), $2,300 (2 BR), $3,000 (3 BR) and $3,330 (4 BR) a month.

What is the Section 8 payment standard in 33928?

Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 33928 that range is $2,070 to $2,530 if the agency uses Small Area FMRs. Ask your housing agency for its actual payment standard.

Which income limits apply in 33928?

The FY2026 income limits of the Cape Coral-Fort Myers, FL area apply: median family income $105,700, low-income (80%) limit $89,900 for a family of four.