Location: Lincoln County, WY | Metro: Idaho Falls, ID HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,140 |
| 1 Bedroom | $1,160 |
| 2 Bedrooms | $1,480 |
| 3 Bedrooms | $2,040 |
| 4 Bedrooms | $2,460 |
| 5 Bedrooms | $2,854 |
| 6 Bedrooms | $3,196 |
| 7 Bedrooms | $3,452 |
| 8 Bedrooms | $3,625 |
U.S. Census Bureau data (2024)
Skeptical investors considering ZIP 83120 might have several valid concerns regarding the feasibility of investing in properties under the Section 8 program. Let's address these objections directly using the available data.
Objection 1: Will the Fair Market Rent (FMR) of $1100 cover the mortgage on a typical home in ZIP 83120?
The data provided does not include the average home price or typical mortgage payments for ZIP 83120. Therefore, it's impossible to definitively state whether the FMR will cover the mortgage without this additional information. However, it's important to note that the FMR is set to ensure that housing is affordable for low-income families, which means it should be aligned with the local rental market conditions. Landlords must calculate their own costs and compare them against the FMR to determine if it's financially viable.
Objection 2: Is there enough renter demand at 40.5%?
The renter occupancy rate of 40.5% indicates that slightly less than half of the households in ZIP 83120 are renters. This figure alone does not provide a complete picture of the demand for Section 8 properties. To assess demand, we need to look at the number of Section 8 participants and the availability of units. The data does not specify these numbers, but a lower overall renter occupancy rate could suggest that the competition among landlords for tenants might be less intense, potentially making it easier to find willing participants.
Objection 3: Will vouchers keep pace with the market rents in ZIP 83120?
The data does not provide specifics on voucher amounts or how they adjust over time relative to market rents. Typically, voucher programs aim to cover a significant portion of market rents, but they are often capped at certain percentages of the FMR. If the market rents in ZIP 83120 exceed the FMR, landlords may face shortfalls. It's crucial to monitor local trends and consult with the Housing Authority to understand how frequently and how much voucher amounts are adjusted to reflect changes in the market.
In conclusion, while the data provides some insights into the rental landscape of ZIP 83120, it falls short in addressing all aspects of an investor's concerns. The key figures, such as the FMR and renter occupancy rate, give a starting point for analysis, but additional research is necessary to make informed decisions about profitability and demand.
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
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.