Location: Boise City, ID | Metro: Boise City, ID HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,060 |
| 1 Bedroom | $1,260 |
| 2 Bedrooms | $1,500 |
| 3 Bedrooms | $2,090 |
| 4 Bedrooms | $2,510 |
| 5 Bedrooms | $2,912 |
| 6 Bedrooms | $3,261 |
| 7 Bedrooms | $3,522 |
| 8 Bedrooms | $3,698 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 83604 in fiscal year 2024 is set at $1180. This figure represents the payment standard under the Section 8 Housing Choice Voucher program, meaning it is the maximum amount that the government will pay towards your tenant's rent. It does not represent the total rent you can charge; rather, it is a benchmark to ensure that rents are reasonable compared to the local market.
In ZIP 83604, the local median rent is currently N/A, which indicates that the FMR of $1180 is based on available data and serves as a guideline for landlords. The FMR is designed to reflect typical rental costs in the area, ensuring that voucher holders can find suitable housing without being overcharged.
The percentage of renters in this ZIP code is 28.9%. This suggests there is a moderate demand for rental properties among those who might be eligible for Section 8 assistance. With a significant portion of residents renting, there is potential for steady occupancy rates if you decide to participate in the program.
To put the financial implications into perspective, consider that the average acquisition cost for a property in ZIP 83604 is approximately $558,883. This means that if you are looking to invest in a Section 8 rental property in this area, you should expect to spend around this amount to purchase a property. However, the FMR of $1180 per month will be the government's contribution toward the rent, so you must ensure that this amount covers your expenses and provides an acceptable return on investment.
Before you proceed with your first Section 8 rental, it is crucial to verify that your property meets all the necessary quality standards as defined by HUD. These standards include basic safety and habitability requirements, such as adequate heating, plumbing, and structural integrity. Ensuring compliance with these standards upfront will save you time and resources in the long run and help maintain a positive relationship with your tenants and the housing authority.
Participating in the Section 8 program can provide a reliable source of income, but it also comes with responsibilities. Understanding the FMR and preparing your property to meet the required standards are key steps in making a sound investment decision.
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.