Location: Payette County, ID | Metro: Gem County, 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 | $770 |
| 1 Bedroom | $960 |
| 2 Bedrooms | $1,080 |
| 3 Bedrooms | $1,450 |
| 4 Bedrooms | $1,760 |
| 5 Bedrooms | $2,042 |
| 6 Bedrooms | $2,287 |
| 7 Bedrooms | $2,470 |
| 8 Bedrooms | $2,594 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $960 | $332,846 | 0.29% | F |
| 2BR | $1,080 | $312,950 | 0.35% | F |
| 3BR | $1,450 | $445,784 | 0.33% | F |
| 4BR | $1,760 | $575,735 | 0.31% | F |
| 5BR | $2,042 | $720,678 | 0.28% | F |
U.S. Census Bureau data (2024)
The Section 8 cap rate analysis for ZIP 83617 (Emmett, ID) reveals two distinct scenarios based on the Fair Market Rent (FMR) and market rent figures.
Using the annualized 2BR FMR of $1060 for FY 2024, the annual rental income would be $12,720. Given the median home value of $454,925, the implied gross yield for this scenario is approximately 2.8%. This calculation is derived from dividing the annual rental income by the median home value: $12,720 / $454,925 = 0.028 or 2.8%.
In contrast, using the market rent figure of $1,036, the annual rental income would be $12,432. The implied gross yield for this scenario is slightly lower at around 2.7%. This is calculated by dividing the annual market rent by the median home value: $12,432 / $454,925 = 0.027 or 2.7%.
The difference between these two gross yields is minimal, indicating that regardless of whether you use the FMR or market rent, the potential return on investment is similar. However, the choice between these two figures should be informed by the local rental market dynamics and the percentage of renters in the area.
With a renter density of 24.9%, it's important to consider the stability and demand for rental properties. The N/A-day Days on Market (DOM) suggests that there isn't enough data to determine how quickly properties are rented out, which could indicate either a stable market where properties aren't often vacant, or an underreported statistic that doesn't provide a clear picture of the market speed.
The market rent scenario of 2.7% is likely more realistic for investors considering the actual rental environment. While the FMR of 2.8% provides a benchmark, it doesn't necessarily reflect the competitive pressures or tenant preferences in Emmett, ID. The lower gross yield from market rent aligns more closely with the observed rental behavior, suggesting that landlords should prepare for a slightly lower return when factoring in operating expenses and vacancies.
Investors should also consider the long-term implications of the 24.9% renter density. A relatively low proportion of renters might mean fewer available tenants, potentially leading to longer vacancy periods and higher competition among landlords. This could affect the overall profitability and should be taken into account when evaluating the property's potential for generating steady income.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.