Section 8 Fair Market Rent (FMR) for ZIP 83622 - 2027
Location: Boise City, ID | Metro: Boise City, ID HUD Metro FMR Area
Investment Score for ZIP 83622
F
Monthly Rent (2BR)
$1,500
Median Price (2BR)
$473,596
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
FY 2027 Fair Market Rent Rates
| 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 |
Investment Analysis by Bedroom Size
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms |
Monthly FMR |
Median Price |
1% Rule |
Grade |
| 1BR |
$1,260 |
$412,158 |
0.31% |
F |
| 2BR |
$1,500 |
$473,596 |
0.32% |
F |
| 3BR |
$2,090 |
$623,500 |
0.34% |
F |
| 4BR |
$2,510 |
$794,865 |
0.32% |
F |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$65,625
A skeptical investor considering the ZIP code 83622 in Idaho might have several valid concerns regarding the feasibility of renting out properties under the Section 8 program. Let's delve into these objections and address them with the available data.
- Will FMR $1180 (zip FY 2024) cover the mortgage on a $544,850 home? The Fair Market Rent (FMR) for ZIP 83622 in fiscal year 2024 is set at $1180. This figure represents the maximum amount that a Section 8 tenant can pay towards rent, which includes utilities. To determine if this amount will cover the mortgage on a home valued at $544,850, we must consider the typical mortgage rates and terms. Assuming a 30-year fixed-rate mortgage with an interest rate of around 4%, the monthly mortgage payment on such a property would be approximately $2,640. Clearly, the FMR of $1180 falls short of covering the mortgage, indicating that landlords would need to subsidize the difference or seek alternative financing options.
- Is there enough renter demand at 10.5%? The rental vacancy rate for ZIP 83622 stands at 10.5%. While this rate is higher than what some investors might prefer, it does not necessarily mean there is insufficient demand. In many areas, a 10.5% vacancy rate suggests a balanced market where there are enough renters looking for housing but also a reasonable number of units available. However, the data does not provide specific numbers on the total number of renters or the number of units that are typically rented out. It's crucial for investors to understand the local rental dynamics and the potential for growth in the rental market.
- Will vouchers keep pace with $976 market rents? The average market rent in ZIP 83622 is reported to be $976. Given that the FMR is $1180, it appears that the voucher amounts are sufficient to meet or slightly exceed the average market rent. However, the data does not specify how often the voucher amounts are adjusted to keep up with inflation or changes in market conditions. Landlords should monitor any updates to the voucher program to ensure they remain competitive in the rental market.
The data provided gives a snapshot of the rental landscape in ZIP 83622 but leaves some questions unanswered. Investors should conduct further research into local trends and consult with financial advisors to make informed decisions about participating in the Section 8 program.
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.