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: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $2,090 | $352,052 | 0.59% | F |
U.S. Census Bureau data (2024)
The ZIP code 83656 presents an interesting scenario for both renters and landlords alike. The median income in this area stands at $64,750, which is a solid figure for many households. However, when it comes to affording the market rate rent of $1,125, the situation becomes more nuanced. A household earning the median income would spend approximately 21% of their gross income on rent alone, assuming no other financial obligations. This percentage aligns with general affordability guidelines but leaves little room for other expenses.
Comparatively, the Fair Market Rent (FMR) set at $1,290 for ZIP 83656 in fiscal year 2024 is slightly higher than the market rate. For those relying on housing vouchers, this means they might face challenges finding units within their budget. Landlords who accept vouchers may need to adjust their expectations or offer competitive amenities to attract these tenants.
The population of 560 with 18.1% being renters indicates a relatively small pool of potential tenants. In such a setting, the affordability gap can significantly impact landlord competition. Landlords who offer more affordable options or those who are flexible with payment structures may have a competitive edge over others charging the market rate.
For landlords considering their strategy, accepting vouchers can be a viable option to fill vacancies in a tight rental market. While the voucher payment standard is marginally above the current market rate, the consistent and timely payments can outweigh the risks associated with traditional cash-paying tenants. Additionally, offering units that are within the voucher range can help attract a broader tenant base, reducing the time properties remain vacant.
In summary, landlords in ZIP 83656 should carefully consider the balance between market rate rents and voucher acceptance. Given the median income and the number of renters, providing affordable units or accepting vouchers could be a strategic advantage in securing long-term, stable tenancy.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.