Location: Lewiston, ID | Metro: Lewiston, ID-WA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $930 |
| 1 Bedroom | $930 |
| 2 Bedrooms | $1,220 |
| 3 Bedrooms | $1,690 |
| 4 Bedrooms | $2,000 |
| 5 Bedrooms | $2,320 |
| 6 Bedrooms | $2,598 |
| 7 Bedrooms | $2,806 |
| 8 Bedrooms | $2,946 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 83501, which includes Lewiston, Idaho, is set at $1060 for the fiscal year 2024. This figure represents the maximum amount that the government will pay toward a tenant's rent under the Section 8 Housing Choice Voucher program. It is important to note that this is not the actual rent you would charge your tenants; it is the reimbursement limit.
In comparison, the local Zillow Observed Rental Index (ZORI) for ZIP 83501 stands at $1,143. This means that the average market rent in Lewiston slightly exceeds the FMR, indicating that landlords participating in the Section 8 program might receive less than the typical market rent for a similar property.
The 30.8% renter share of the population in Lewiston suggests a moderate demand for rental properties. However, the demand for affordable housing, especially among those eligible for Section 8 vouchers, can be higher due to the limited supply of affordable units. This could translate into a steady stream of potential tenants looking for homes within the budget constraints of their vouchers.
If you are considering purchasing a property to become a Section 8 rental in ZIP 83501, the median home value of $382,323 is a significant investment. Before making this purchase, ensure that the property meets all the eligibility requirements for the Section 8 program, including inspection standards and rent reasonableness.
To summarize, while the FMR of $1060 might result in lower rents compared to the market rate of $1,143, the demand for affordable housing in Lewiston is supported by a substantial portion of renters. Verify that the property complies with all Section 8 guidelines to avoid any issues post-purchase.
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.