Location: Latah County, ID | Metro: Lewiston, ID-WA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $880 |
| 1 Bedroom | $920 |
| 2 Bedrooms | $1,130 |
| 3 Bedrooms | $1,560 |
| 4 Bedrooms | $1,890 |
| 5 Bedrooms | $2,192 |
| 6 Bedrooms | $2,455 |
| 7 Bedrooms | $2,651 |
| 8 Bedrooms | $2,784 |
U.S. Census Bureau data (2024)
The ZIP code 83535 is situated in a small, close-knit neighborhood characterized by a modest population of 1,143 residents. The area reflects a mix of homeowners and renters, with 28.7% of the population renting their homes. The median income in this ZIP code stands at $57,647, indicating a middle-class community where homeownership is valued, as evidenced by the median home value of $395,442.
Transitioning to the economic realities of renting, the Federal Market Rent (FMR) for ZIP 83535 in fiscal year 2024 is set at $1,210. This figure contrasts sharply with the actual market rent, which is recorded at $689 according to the Census Bureau's American Community Survey (ACS). This significant disparity between FMR and market rent suggests a substantial subsidy potential for landlords who participate in the Section 8 program, effectively allowing them to receive a higher rent payment than the local market rate would otherwise support.
Given these dynamics, ZIP 83535 could be an attractive option for both hands-off voucher operators and hands-on value-add buyers. For those seeking a low-maintenance investment, the guaranteed rental income through the Section 8 program, coupled with the lower market rents, provides a stable cash flow. However, for investors willing to engage more actively, there is an opportunity to improve property values and potentially capture a larger share of the subsidy gap. This can be achieved by investing in property upgrades that cater to the needs of the local population, thereby enhancing the overall appeal and value of the rental units.
In summary, ZIP 83535 offers a balanced environment for real estate investments, particularly those involving the Section 8 program. The combination of a supportive community, favorable subsidy rates, and potential for value enhancement makes it a viable option for both passive and active investors.
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.