Section 8 Fair Market Rent (FMR) for ZIP 58207 - 2027

FY 2027 Fair Market Rent Rates

The Fair Market Rent (FMR) for ZIP code 58207 in fiscal year 2024 is set at $950. This figure represents the payment standard used by the U.S. Department of Housing and Urban Development (HUD) for the Section 8 Housing Choice Voucher program. It's important to note that this does not mean you will receive $950 as rent; it's the maximum amount HUD will pay toward a tenant's rent if they use a voucher. The actual rent you charge can be higher, but tenants might have to pay more out-of-pocket to cover the difference.

In ZIP 58207, the median rent is listed as N/A, which makes direct comparison challenging. However, the FMR serves as a benchmark for what is considered reasonable rent in the area. The percentage of renters in this ZIP code is N/A%, indicating a significant portion of the population relies on rental housing. This suggests there could be strong demand for rental properties, especially those participating in the Section 8 program.

The average home value in ZIP 58207 is N/A, which gives an idea of the typical acquisition cost for a property. While this number alone doesn't provide a complete picture, it can help you estimate the potential return on investment compared to the acquisition cost. Remember, Section 8 rentals are typically occupied by lower-income individuals who qualify based on income limits set by HUD.

Before proceeding with your first Section 8 rental in ZIP 58207, it's crucial to verify that your property meets the minimum property standards set by HUD. These standards ensure that the housing is safe, decent, and sanitary for tenants. Compliance is mandatory and can affect your eligibility to participate in the program.

In summary, the FMR of $950 provides a guideline for setting your rent. With a substantial portion of the population renting, there is likely to be demand for affordable housing options. Ensure your property meets HUD's standards to avoid any issues down the line.

Data Sources: FMR data from HUD (2027).

About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.