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 | $1,090 |
| 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 |
|---|---|---|---|---|
| 1BR | $1,260 | $414,623 | 0.3% | F |
| 2BR | $1,500 | $557,445 | 0.27% | F |
| 3BR | $2,090 | $761,400 | 0.27% | F |
| 4BR | $2,510 | $1,020,967 | 0.25% | F |
| 5BR | $2,912 | $1,276,234 | 0.23% | F |
U.S. Census Bureau data (2024)
The ZIP code 83702 in Boise, ID, presents a dynamic rental market. The Fair Market Rent (FMR) for the area is set at $1200 for fiscal year 2024, while the Zillow Observed Rent Index (ZORI) indicates a slightly higher market rent of $1,701. This suggests that the market is robust and likely experiencing upward pressure on rents, indicating a scenario where demand may be outpacing supply.
A key indicator of this imbalance is the low price-cut share of 0.2%, meaning very few properties are being discounted to attract tenants. Additionally, the days on market (DOM) for rental listings stands at just 8 days, which is quite short, further supporting the notion that properties are quickly leased, underscoring strong tenant demand.
The median home value in ZIP 83702 is $722,148, which is significantly higher than the FMR and indicative of a broader housing market that favors homeownership. However, the 48.8% renter share highlights a substantial portion of the population choosing to rent rather than buy. This high percentage of renters can signal persistent long-term housing pressure, as it suggests a significant demand for rental properties even in an environment where home values are high.
In summary, the rental market in ZIP 83702 is characterized by strong demand, quick leasing times, and minimal need for price reductions. While the median home value points towards a favorable climate for homeowners, the high renter share points to ongoing challenges for those seeking affordable housing options. For landlords and small-portfolio investors, this translates into a market that is currently supportive of rental investments, with potential for steady cash flow and occupancy rates.
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.