Location: Bingham County, ID | Metro: Bingham County, ID
| Unit Size | Monthly FMR |
|---|---|
| Studio | $770 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,410 |
| 4 Bedrooms | $1,700 |
| 5 Bedrooms | $1,972 |
| 6 Bedrooms | $2,209 |
| 7 Bedrooms | $2,386 |
| 8 Bedrooms | $2,505 |
U.S. Census Bureau data (2024)
The ZIP code 83236 has a population of 1,840 individuals, with 9.8% of them being renters. This indicates that the area is primarily dominated by homeowners rather than renters. The median household income in this region stands at $68,214, which provides a benchmark for assessing the financial capability of potential tenants.
A typical market rent of $689 is significantly lower than the Fair Market Rent (FMR) of $1,100 set for FY 2024. In fact, the market rent consumes approximately 10% of the median income, calculated as $689 being 1.01% of $68,214. This suggests that renters in this area can afford higher rents, making the current market rent relatively affordable compared to their income levels.
Given the FMR of $1,100, landlords in ZIP 83236 should be prepared to accept tenants who might be utilizing Section 8 vouchers to cover their rent. However, due to the low percentage of renters and the relatively high median income, the demand for these vouchers might not be as intense as in more renter-heavy areas. Landlords can expect tenants who are financially stable and capable of meeting their rental obligations without significant strain on their budget.
To summarize, while there is a presence of Section 8 vouchers, the ZIP code 83236 is not heavily reliant on them due to its homeowner-dominated nature and higher median income. Landlords should anticipate tenants who can manage their finances well and contribute to a stable rental environment. The low market rent relative to income levels means that there is room for landlords to potentially increase their rent closer to the FMR without significantly impacting the ability of tenants to pay.
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.