Location: Gooding County, ID | Metro: Twin Falls County, ID HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $860 |
| 1 Bedroom | $890 |
| 2 Bedrooms | $1,160 |
| 3 Bedrooms | $1,610 |
| 4 Bedrooms | $1,940 |
| 5 Bedrooms | $2,250 |
| 6 Bedrooms | $2,520 |
| 7 Bedrooms | $2,722 |
| 8 Bedrooms | $2,858 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,160 | $305,771 | 0.38% | F |
| 3BR | $1,610 | $435,854 | 0.37% | F |
| 4BR | $1,940 | $521,064 | 0.37% | F |
U.S. Census Bureau data (2024)
The ZIP code 83332, located in Hagerman, ID, is part of Gooding County and stands out due to its unique demographic and economic characteristics. With a total population of 2,569 residents, only 17.0% of whom rent their homes, it reflects a predominantly owner-occupied community. The median income here is relatively robust at $64,792, which supports a higher standard of living. However, the median home value of $412,821 is notably high, suggesting that homeownership comes at a premium despite the rural setting.
Moving to the specifics of Section 8 housing, the Federal Market Rent (FMR) for ZIP 83332 in fiscal year 2024 is set at $980. This figure contrasts with the market rent, which according to Census ACS data, is approximately $896. The higher FMR rate means that landlords participating in the Section 8 program can expect to receive slightly above-market rental rates, providing a financial incentive to accept vouchers.
The data signature of ZIP 83332 reads as stable. Despite the high median home value, the relatively low percentage of renters indicates a community where long-term homeownership is common. This stability is further supported by the steady median income levels, which suggest that residents have the financial capacity to maintain their properties and cover living expenses. For small-portfolio investors considering entry into this market, the slightly elevated FMR compared to market rents presents an opportunity to secure a more predictable income stream while contributing to affordable housing options in the area.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.