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 | $398,481 | 0.38% | F |
| 3BR | $2,090 | $448,863 | 0.47% | F |
| 4BR | $2,510 | $556,707 | 0.45% | F |
| 5BR | $2,912 | $645,101 | 0.45% | F |
U.S. Census Bureau data (2024)
The rent math in ZIP 83644, which encompasses Middleton and Boise City, ID, within the HUD Metro FMR Area, does not favor tenants under the Section 8 program. The Fair Market Rent (FMR) set at $1260 for the fiscal year 2024 is significantly below the market rent, indicated by the Zillow Observed Rent Index (ZORI) at $1,933. This discrepancy means that landlords would need to subsidize the difference between the FMR and market rates to remain competitive.
Acquisition remains affordable for investors looking to purchase properties in this area. The median home value stands at $500,811, which is reasonable compared to other metropolitan areas. Additionally, the average days on market (DOM) is 29, suggesting a brisk sales pace. The low price-cut share of 0.3% indicates that sellers are not frequently lowering their asking prices, implying strong buyer interest and stable property values.
Tenant demand is moderate but present. With a total population of 16,293, approximately 8.3% of residents are renters. This translates to about 1,347 potential rental households. However, the relatively low renter share suggests that competition among landlords could be intense, especially for those relying solely on Section 8 vouchers.
In conclusion, while the rent math does not align well with the market conditions, making it challenging for landlords to break even without additional subsidies, the acquisition cost and sales dynamics are favorable for investors. The presence of tenant demand is evident, though the limited number of renters relative to the overall population might necessitate strategic marketing to attract Section 8 participants. Landlords should carefully consider these factors before entering into the Section 8 program in ZIP 83644.
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.