Section 8 Fair Market Rent (FMR) for ZIP 83602 - 2027

FY 2027 Fair Market Rent Rates

The estimated population of people living in ZIP code 83602 is 7, with a median age of 0. Given the small population size, the median household income is not available and shows as $0. However, the data indicates that 100% of households in 83602 fall into the income tier of $25,000 to $49,999.

Comparing this to the voucher payment standard of FMR $1,180 for ZIP 83602 in fiscal year 2024, the affordability gap is evident. With the majority of households earning between $25,000 and $49,999 annually, their ability to pay market rate rent is limited.

The per capita income in 83602 is also reported as $0.00, which further underscores the challenges in assessing income levels due to the extremely small population.

Taking into account the small population and limited income data, landlords should consider the following strategy:

• Voucher Acceptance: Given the high voucher payment standard relative to the income tiers of local households, accepting vouchers could ensure a steady stream of tenants who can afford to live in the area.
• Cash-Pay Strategy: If landlords choose to focus on cash-paying tenants, they must set rents within the affordable range of the local population, likely around the $25,000 to $49,999 annual income bracket.

The takeaway for landlords is that accepting vouchers can mitigate risks associated with tenant turnover and non-payment, while setting competitive cash-pay rents requires careful consideration of the local economic conditions.

Data Sources: FMR data from HUD (2027).

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.