Location: Latah County, ID | Metro: Lewiston, ID-WA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $890 |
| 1 Bedroom | $920 |
| 2 Bedrooms | $1,110 |
| 3 Bedrooms | $1,540 |
| 4 Bedrooms | $1,850 |
| 5 Bedrooms | $2,146 |
| 6 Bedrooms | $2,404 |
| 7 Bedrooms | $2,596 |
| 8 Bedrooms | $2,726 |
U.S. Census Bureau data (2024)
The ZIP code 83537 stands out due to its unique demographic and economic characteristics. With a population of just 1,125 residents, it has a low rental rate of 13.5%, indicating that most residents own their homes. The median income in this area is $71,917, which is relatively modest compared to the median home value of $436,489, suggesting that homeownership is a significant financial commitment for local residents.
In terms of Section 8 housing assistance, the Fair Market Rent (FMR) for ZIP 83537 in fiscal year 2024 is set at $980. This figure is notably lower than the market rent average of $1,023, based on Census American Community Survey (ACS) data. Landlords participating in the Section 8 program in this ZIP code will receive a payment standard that covers approximately 96% of the market rent. This means that while there is a slight shortfall between the FMR and market rent, it is minimal and likely manageable for most landlords.
The data signature for ZIP 83537 suggests a stable environment, with a strong preference for homeownership among residents. The relatively high median home value in comparison to the median income indicates a community where property ownership is a central feature. For landlords considering participation in the Section 8 program, the close alignment between the FMR and market rent implies that the risk of significant loss is low, making it a viable option for rental properties in this area.
To summarize, ZIP 83537 presents a stable investment opportunity for landlords. Its low rental rate and high median home value indicate a strong owner-occupied market. The Section 8 voucher economics, with an FMR of $980 against a market rent of $1,023, offer a reasonable compensation for rental units. This ZIP code is best characterized as stable, with little indication of rapid change in the near future.
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.