Location: Boise City, 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 | $1,060 |
| 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 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,500 | $324,483 | 0.46% | F |
| 3BR | $2,090 | $456,791 | 0.46% | F |
| 4BR | $2,510 | $759,329 | 0.33% | F |
U.S. Census Bureau data (2024)
A skeptical investor considering investing in ZIP 83639, Maring, ID, might raise several objections regarding the feasibility of the investment. Here are some common concerns and the corresponding analysis based on the available data.
Will FMR $1180 (zip FY 2024) cover the mortgage on a $468,785 home?
The Fair Market Rent (FMR) for ZIP 83639 in fiscal year 2024 is set at $1180. This figure represents the median rent for a two-bedroom apartment. To determine if this will cover the mortgage on a $468,785 home, we need to calculate the monthly mortgage payment. Assuming a typical 30-year fixed-rate mortgage at an interest rate of 4%, the monthly payment would be approximately $2,250. At first glance, the FMR does not cover the mortgage payment, suggesting that relying solely on FMR rates may not be sufficient to break even on a property valued at $468,785.
Is there enough renter demand at 23.8%?
The rental vacancy rate for ZIP 83639 is 23.8%. This percentage indicates the proportion of rental units that are vacant. A higher vacancy rate can signal lower demand for rental properties. However, it's important to note that the national average rental vacancy rate was around 7% as of recent data. Therefore, a 23.8% vacancy rate in Maring, ID, suggests a significantly higher availability of rental units compared to the national average. While this could indicate a challenge in finding tenants, it also reflects the local real estate market conditions. Investors should consider diversifying their portfolio or setting competitive rental rates to attract tenants.
Will vouchers keep pace with $661 market rents?
The Housing Choice Voucher program, commonly known as Section 8, provides subsidies for eligible low-income families to afford housing. The question arises whether these vouchers will match the market rents of $661 for a one-bedroom unit. According to HUD guidelines, voucher amounts are adjusted annually based on local market conditions. However, the data does not provide specific figures on how much the voucher amounts have increased or if they will continue to do so. It's prudent for investors to monitor local HUD updates and adjust expectations accordingly. If the voucher amounts do not keep pace with market rents, landlords may face difficulties in renting out their properties to voucher holders.
In conclusion, while ZIP 83639 presents some challenges, such as high vacancy rates and potential gaps between FMR and mortgage payments, it also offers opportunities for those willing to adapt to local market dynamics. Careful consideration of these factors is essential for any investor looking to enter this market.
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.