Location: Bingham County, ID | Metro: Pocatello, ID MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $920 |
| 1 Bedroom | $1,010 |
| 2 Bedrooms | $1,320 |
| 3 Bedrooms | $1,830 |
| 4 Bedrooms | $2,210 |
| 5 Bedrooms | $2,564 |
| 6 Bedrooms | $2,872 |
| 7 Bedrooms | $3,102 |
| 8 Bedrooms | $3,257 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 83202, Chubbuck, ID, is set at $1,110 for fiscal year 2024. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 program, not the actual rent paid by individual tenants. It's important to understand that this is a payment standard, meaning it caps the total rent that can be charged to a tenant participating in the Section 8 program.
In comparison, the local market rent for the area, known as the ZORI (Zillow Observed Rental Index), is currently at $1,298. This indicates that the average rent for a typical unit in the area is higher than the FMR. However, landlords who choose to participate in Section 8 will have to adhere to the lower FMR rate.
The demand for rental properties in Chubbuck is significant, with 27.0% of residents being renters. This means that approximately one in every four people living in the area are looking for a place to rent, which can translate into a steady stream of potential tenants interested in Section 8 housing.
If you're considering purchasing a property to use as a Section 8 rental, the median home value in Chubbuck is around $391,586. This figure gives you an idea of the acquisition cost for a typical home in the area. While this might seem high, it's important to weigh this against the long-term stability of having a guaranteed renter through the Section 8 program.
Before proceeding with your decision, one key verification step is essential: check if the property meets all the eligibility requirements for the Section 8 program, including physical condition and compliance with health and safety standards. This ensures that you won't face unexpected costs or delays once you've acquired the property.
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.