Location: Madison County, ID | Metro: Idaho Falls, 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 | $1,070 |
| 1 Bedroom | $1,120 |
| 2 Bedrooms | $1,330 |
| 3 Bedrooms | $1,840 |
| 4 Bedrooms | $2,220 |
| 5 Bedrooms | $2,575 |
| 6 Bedrooms | $2,884 |
| 7 Bedrooms | $3,115 |
| 8 Bedrooms | $3,271 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,840 | $408,262 | 0.45% | F |
| 4BR | $2,220 | $486,333 | 0.46% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 83434 in fiscal year 2024 is set at $1,100. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 program, which is a housing assistance program for low-income individuals. It's important to note that this is the payment standard, meaning it's the most the government will pay towards a tenant's rent, not necessarily the amount you'll collect from your tenants.
In comparison, the average rent for the area based on Census American Community Survey (ACS) data is $1,138. This indicates that the market rent is slightly higher than the FMR, suggesting that landlords might need to be competitive in terms of property quality and location to attract tenants.
The renter share in this ZIP code is 21.5%, indicating a moderate demand for rental properties. While this isn't a high percentage, it still suggests a significant portion of the population relies on rentals, providing a steady pool of potential tenants for your Section 8 property.
If you're looking to acquire a property in this area, the median home value is around $421,451. This figure gives you an idea of the investment required to enter the market. However, keep in mind that Section 8 properties typically have lower values due to stricter requirements and maintenance standards.
Before proceeding with a Section 8 rental, ensure that the property meets all the necessary Housing Quality Standards (HQS). These standards cover a wide range of safety and habitability criteria, such as electrical systems, plumbing, heating, and structural integrity. Failure to meet these standards could result in delayed payments or even termination of the contract.
In summary, the FMR of $1,100 sets a cap on what the government will pay for rent, while the market average of $1,138 shows you the competitive landscape. With a 21.5% renter share, there's a reliable demand for rental units. And with an acquisition cost around $421,451, you can estimate your initial investment. But remember, the key to success is ensuring your property meets all HQS requirements.
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.