Location: Boise City, 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 analysis of the Section 8 program in ZIP 83650 reveals a significant gap between the Fair Market Rent (FMR) and the actual market rents observed in neighboring areas. The FMR for ZIP 83650 is set at $1180 for fiscal year 2024. However, examining nearby market rents provides insight into how this figure compares.
In nearby ZIP codes such as 83624 and 83634, market rents for similar properties range from $1225 to $1725 per month. This indicates that the market rents are higher than the FMR, with the lowest discrepancy being $45 ($1225 - $1180) and the highest being $545 ($1725 - $1180).
To quantify these differences, the percentage gap between FMR and market rent varies from 3.8% to 46.2%. These figures underscore the financial implications for landlords and small-portfolio investors who accept Section 8 vouchers. Specifically, landlords will be renting their properties below the prevailing market rate, which could result in a lower net yield compared to open-market tenancy.
The context of ZIP 83650 further illuminates the situation. With 20.9% of residents being renters, the demand for affordable housing is substantial. Additionally, the median home value stands at $440,338, while the median income is $57,396. These economic indicators suggest that many residents rely on assistance programs like Section 8 to afford housing.
Given the gap, landlords must carefully consider the costs and benefits of accepting Section 8 tenants. While it ensures a steady stream of income, it also means potentially foregoing higher market rents. Investors should weigh these factors against their investment goals and the overall economic climate of the area.
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.