Location: Fremont County, ID | Metro: Fremont County, ID
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 | $930 |
| 1 Bedroom | $980 |
| 2 Bedrooms | $1,200 |
| 3 Bedrooms | $1,670 |
| 4 Bedrooms | $2,000 |
| 5 Bedrooms | $2,320 |
| 6 Bedrooms | $2,598 |
| 7 Bedrooms | $2,806 |
| 8 Bedrooms | $2,946 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $980 | $378,563 | 0.26% | F |
| 2BR | $1,200 | $454,983 | 0.26% | F |
| 3BR | $1,670 | $608,038 | 0.27% | F |
| 4BR | $2,000 | $802,320 | 0.25% | F |
| 5BR | $2,320 | $1,212,117 | 0.19% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP 83429, Island Park, ID, stands at $1,160 for the fiscal year 2026. This figure represents the payment standard set by the U.S. Department of Housing and Urban Development (HUD) for the Section 8 program, which means that HUD will pay up to $1,160 per month for a standard unit in this area. However, it's important to note that this is not the rent you should charge your tenants; rather, it is the maximum amount that can be paid on behalf of a tenant through the Section 8 voucher program.
When considering a Section 8 rental in Island Park, you need to understand that the actual rent you receive might be less than the FMR, depending on the tenant's income and the terms of their voucher. The renter share is typically around 2.5%, meaning that the tenant would contribute approximately 2.5% of their income towards rent. In this case, if we assume an average income of $48,000 per year, the tenant would pay about $120 monthly, while the remaining $1,040 would come from the government subsidy.
The total acquisition cost for a property in this area is estimated at $582,924. This amount includes the purchase price of the property and any necessary renovations to meet the housing quality standards required for participation in the Section 8 program. It's crucial to factor in these costs when evaluating whether a Section 8 rental makes financial sense for you.
Before you decide to take the plunge into Section 8 rentals, one key verification step is to ensure that the property meets all the eligibility requirements set by HUD. These include the condition of the home, the location, and compliance with fair housing laws. Additionally, check the local demand for affordable housing. While there isn't specific data available on local vacancy rates, understanding the competition and demand can help you gauge the potential success of your investment.
In summary, the FMR of $1,160 provides a benchmark for government payments but does not reflect the full rent you will receive. With an acquisition cost of $582,924, you must carefully assess the financial viability of your investment, taking into account both the subsidy and tenant contributions. Ensuring your property meets all eligibility criteria is essential before proceeding with a Section 8 rental.
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.