Location: Elmore County, ID | Metro: Elmore County, ID
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,450 |
| 1 Bedroom | $1,460 |
| 2 Bedrooms | $1,910 |
| 3 Bedrooms | $2,640 |
| 4 Bedrooms | $3,190 |
| 5 Bedrooms | $3,700 |
| 6 Bedrooms | $4,144 |
| 7 Bedrooms | $4,476 |
| 8 Bedrooms | $4,700 |
U.S. Census Bureau data (2024)
ZIP 83648, located in Elmore County, Idaho, is best suited as an appreciation play within a Section 8 portfolio strategy. Although the data provided indicates that the median home value is not available, the ZIP code's characteristics align well with the potential for long-term capital gains.
The primary reason for categorizing ZIP 83648 as an appreciation play is the high renter share of 99.8%. This statistic suggests that there is a strong demand for rental properties in the area, which can be beneficial for both short-term and long-term investment strategies. However, since the median home value is unavailable, it is difficult to assess the current market value of homes in the area. The lack of this information does not necessarily negate the potential for appreciation; rather, it highlights the need for further research into local real estate trends and forecasts.
The median income in ZIP 83648 is $74,196. While this figure alone does not provide enough context to determine the overall economic health of the area, it does suggest that residents have a stable income level that could support higher rents over time. This stability can contribute to the potential for property value appreciation as the local economy grows and incomes rise.
Furthermore, the data provided shows a price-cut share and days on market (DOM) as N/A, indicating that there might be limited sales activity in the area. This scenario could mean that the market is relatively untouched, offering opportunities for investors to acquire properties at potentially undervalued prices. Over time, as the area develops and becomes more popular, these properties could appreciate significantly in value.
Despite the attractive features for appreciation, it's important to note that the Fair Market Rent (FMR) for the metro area in fiscal year 2026 is projected at $1,780, while the market rent is currently $1,903. This slight negative spread of $123 suggests that market rents are slightly above the FMR, which could indicate some short-term challenges in cash flow if relying solely on Section 8 vouchers. However, given the high renter share and stable median income, the potential for appreciation outweighs the immediate cash flow concerns.
In summary, ZIP 83648 should be considered an appreciation play due to its high renter share and stable median income, despite the current slight negative spread between market rents and FMR. This classification supports a long-term investment strategy focused on capital gains rather than immediate cash flow generation.
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.