Location: Gem County, ID | Metro: Gem County, ID HUD Metro FMR Area
| 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 |
U.S. Census Bureau data (2024)
The ZIP code 83636 is located in a suburban area of Idaho, primarily encompassing parts of the city of Meridian. This neighborhood is characterized by a relatively small population of 109 residents, which makes it quite unique in terms of density and community feel. With nearly half of the residents, 47.7%, being renters, there is a significant demand for rental properties. The median household income in this area stands at $85,761, indicating a middle-class community capable of supporting various housing options.
Moving into the economic aspects of renting, the Fair Market Rent (FMR) for a one-bedroom apartment in ZIP 83636 for fiscal year 2024 is set at $1060. However, specific market rent data is currently unavailable, which suggests that the FMR might serve as a benchmark for landlords operating in this region. Given the lack of detailed market rent figures, it's advisable to consult local real estate agents or online platforms for precise market rates.
When considering whether ZIP 83636 is suitable for a hands-off voucher operator or a hands-on value-add buyer, several factors come into play. The high percentage of renters indicates a stable tenant pool, making it a good fit for hands-off operators who rely on government subsidies to cover their rental income. On the other hand, the potential for value-add strategies is limited due to the small population size, which could mean fewer opportunities for significant improvements in property values or rental rates.
For hands-off operators, the stability of the Section 8 program can provide a reliable stream of income, especially given the middle-class nature of the neighborhood and the likelihood that tenants will be able to contribute a portion of their income towards rent. For hands-on buyers looking to add value, the focus should be on identifying underutilized properties or areas where improvements can increase the property's appeal, thus potentially commanding higher rents.
In conclusion, ZIP 83636 offers a niche market for both hands-off and hands-on investors, but the success of either strategy will depend heavily on the specific property and its location within the ZIP code. The presence of a substantial number of renters and a median income of $85,761 supports the viability of rental investments, particularly those aligned with the Section 8 program's FMR of $1060 for a one-bedroom unit.
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.