Location: Lewis County, ID | Metro: Lewiston, ID-WA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $900 |
| 1 Bedroom | $900 |
| 2 Bedrooms | $1,180 |
| 3 Bedrooms | $1,640 |
| 4 Bedrooms | $1,940 |
| 5 Bedrooms | $2,250 |
| 6 Bedrooms | $2,520 |
| 7 Bedrooms | $2,722 |
| 8 Bedrooms | $2,858 |
U.S. Census Bureau data (2024)
The ZIP code 83524 presents an interesting balance between yield and stability, making it a viable option for both high-yield seekers and those looking for steady cash flow.
Starting with yield, the Fair Market Rent (FMR) for ZIP 83524 in fiscal year 2024 is set at $1200, significantly higher than the average market rent of $884. This indicates a strong potential for rental income above the typical market rate, suggesting a high-yield environment. Additionally, the median home value of $421,124 is substantial, but when combined with the FMR, it suggests that rental properties can generate a healthy return on investment.
Moving to stability, the ZIP code has a relatively low percentage of renters at 23.7%, which could imply a slightly less stable market compared to areas with higher rental rates. However, the lack of available data on days on market (DOM) and the median household income of $63,333 provide a mixed picture. The income figure is somewhat modest, which might affect the ability of tenants to consistently pay higher rents. Nonetheless, the income level is still sufficient to support the $884 market rent, indicating that while there's a risk, it is not prohibitive.
In conclusion, ZIP 83524 leans towards being a high-yield market due to the disparity between the FMR ($1200) and the market rent ($884), offering opportunities for above-average returns. However, the lower renter population and modest income levels introduce elements of instability. Therefore, it is best classified as a market with high-yield potential but requiring careful management to ensure stability. Landlords and small-portfolio investors should consider these factors when deciding whether to enter or expand in this area.
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.