Location: Payette County, ID | Metro: Boise City, ID HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,220 |
| 1 Bedroom | $1,370 |
| 2 Bedrooms | $1,630 |
| 3 Bedrooms | $2,260 |
| 4 Bedrooms | $2,720 |
| 5 Bedrooms | $3,155 |
| 6 Bedrooms | $3,534 |
| 7 Bedrooms | $3,817 |
| 8 Bedrooms | $4,008 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,630 | $455,597 | 0.36% | F |
| 3BR | $2,260 | $407,976 | 0.55% | F |
| 4BR | $2,720 | $504,493 | 0.54% | F |
| 5BR | $3,155 | $685,963 | 0.46% | F |
U.S. Census Bureau data (2024)
Caldwell, ID, with a population of 35,491, is a growing suburban area located in Ada County. The neighborhood represented by ZIP code 83607 reflects a mix of residential and commercial development, typical of a thriving suburb. Renters make up 17.7% of the housing stock, indicating a relatively low demand for rental properties compared to owner-occupied homes. However, the median household income in the area stands at $85,399, suggesting a robust economic base capable of supporting higher-end rentals and homeownership. The median home value of $448,723 further underscores the affluent nature of the neighborhood.
The rent economics in ZIP 83607 are particularly interesting. The Fair Market Rent (FMR) for the area, which is set by the U.S. Department of Housing and Urban Development (HUD) for the fiscal year 2024, is $1,370. This figure represents the maximum amount a Section 8 tenant can pay toward their rent. In contrast, the market rent, as measured by the Zillow Observed Rental Index (ZORI), is significantly higher at $1,899 per month. This discrepancy indicates that landlords participating in the Section 8 program could potentially see lower rents compared to market rates.
Given these factors, ZIP 83607 would be a suitable location for both hands-off voucher operators and hands-on value-add buyers. For hands-off operators, the stable income provided by the Section 8 program can be an attractive option, especially considering the strong economic foundation of the neighborhood. Meanwhile, value-add buyers might find opportunities to renovate and increase the value of their properties, leveraging the higher median income and home values to justify premium rents once the improvements are made.
In summary, the neighborhood in ZIP 83607 offers a balanced environment for investment, with a mix of stable and growth-oriented opportunities. The economic indicators suggest a solid base for rental operations, while the potential for higher market rents provides a compelling reason for active property management and improvement strategies.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.