Location: Elmore County, 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 real estate market in ZIP 83627 presents a nuanced picture that balances both opportunities and challenges for landlords and small-portfolio investors. With a median home value of $492,099, the area stands at a significant price point, indicative of a middle-tier market where affordability meets quality living standards. The absence of percentage reductions in listings and the unspecified median days on market (DOM) suggest stability in the market, but also imply a lack of immediate pressure on sellers to reduce their prices.
On the rental side, the Fair Market Rent (FMR) for ZIP 83627 in fiscal year 2024 is set at $1,180, compared to the current market rate of $1,075. This indicates an upward trend in rental values, which could provide a buffer against potential decreases in property values, should they occur. Landlords and investors can anticipate a gradual increase in rental income, aligning with government projections. However, it's important to note that while the FMR sets a benchmark, actual rental rates can fluctuate based on local demand and competition.
For long-term hold investors, the data suggests a moderate appreciation thesis. The stability in home values combined with the projected growth in rental income points towards a balanced market. Investors should expect modest annual increases in property value, contingent upon broader economic conditions and local employment trends. There is no strong indication of rapid appreciation, but the market appears resilient enough to maintain value over time, making it a reliable choice for those looking to build a stable portfolio.
Landlords should leverage the current market conditions by maintaining competitive rental rates and ensuring properties meet local standards. The gap between the FMR and the current market rate offers a strategic window for increasing rents without alienating tenants, provided that the improvements justify the cost. Small-portfolio investors should focus on properties that offer both rental income potential and long-term capital appreciation, given the balanced outlook of the ZIP 83627 market.
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.