Section 8 Fair Market Rent (FMR) for ZIP 83709 - 2027

Investment Score for ZIP 83709

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,380
1 Bedroom	$1,560
2 Bedrooms	$1,850
3 Bedrooms	$2,560
4 Bedrooms	$3,090
5 Bedrooms	$3,584
6 Bedrooms	$4,014
7 Bedrooms	$4,335
8 Bedrooms	$4,552

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$1,850	$352,427	0.52%	F
3BR	$2,560	$456,550	0.56%	F
4BR	$3,090	$549,959	0.56%	F
5BR	$3,584	$643,141	0.56%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 83709 (Boise, ID) #### Section 8 Voucher Dynamics The Fair Market Rent (FMR) for ZIP code 83709 is set by HUD for 2026. For a two-bedroom unit, the FMR is $2,040, which represents 26.4% of the median household income in the area ($92,786). However, the Zillow median price for a two-bedroom home in this ZIP code is significantly higher at $345,257, resulting in a price-to-FMR ratio of 14.1x. This indicates that the actual rental prices in the market are much higher than the FMR. For instance, if a two-bedroom unit costs $2,040 per month, it would be considered affordable under the FMR guidelines, but the average rent in the market could be substantially higher due to the high price-to-FMR ratio. Given these figures, Section 8 voucher holders face significant constraints. The maximum rent they can pay is capped at the FMR, meaning that they would struggle to find units in the market that fit their budget. In a market where the average rent is likely much higher than $2,040, voucher holders might have limited options unless landlords accept lower rents or there is a substantial supply of affordable housing. #### Affordability & Renter Profile ZIP code 83709 has a population of 58,928, with 18.7% of residents being renters. The occupancy rate is quite high at 97.2%, suggesting that the market is relatively tight. This means that there is little excess capacity in the rental market, and any increase in demand could lead to further upward pressure on rents. Given the high price-to-FMR ratio and the limited percentage of renters, it is likely that those who rent in this area are either low-income individuals relying on subsidies like Section 8 vouchers or middle-class families who can afford the higher rents. The median household income of $92,786 suggests that the majority of residents are middle-class, and therefore, the rental market is likely to cater to this demographic. However, the high occupancy rate and the fact that only 18.7% of the population are renters indicate that the market is not oversupplied with rental units. Consequently, the competition for rental properties is likely to be fierce, especially among those who do not qualify for housing assistance programs. #### Investor Angle From an investor's perspective, the key question is whether the ZIP code can generate positive cash flow at the FMR levels. The FMR for a two-bedroom unit is $2,040, while the Zillow median price for a similar unit is $345,257. Assuming a typical mortgage rate of around 5% and a down payment of 20%, the monthly mortgage payment for a two-bedroom property would be approximately $1,440. This calculation assumes a 30-year fixed-rate mortgage and does not include other expenses such as property taxes, insurance, and maintenance. Property taxes in Ada County are typically around 1.1% of the property value. For a $345,257 property, this would amount to about $3,800 annually or $317 per month. Insurance costs vary widely but can be estimated at around $100 per month. Maintenance and other miscellaneous costs could add another $100-$200 per month. Adding all these up, the total monthly expense for an investor would be approximately $1,957. Given that the FMR for a two-bedroom unit is $2,040, the cash flow would be minimal at about $83 per month. This is assuming that the property is rented out at the FMR level and that the investor can find tenants willing to pay the FMR. If the actual market rent is higher, the cash flow would improve, but this also means that the property would not be available to Section 8 voucher holders unless the landlord accepts lower rents. The investment grade for this ZIP code would be moderate to low for Section 8-focused investors due to the tight market conditions and the low potential for cash flow. Investors looking for positive cash flow would need to consider properties that are below the median price or in areas with lower property taxes and insurance rates. #### Specific Actionable Insights 1. **Target Lower-Cost Properties**: Investors should focus on acquiring properties that are priced below the median of $345,257. A property costing around $250,000 would have a monthly mortgage payment of approximately $1,040, leading to a positive cash flow of $1,000 per month when rented at the FMR of $2,040. This would make the investment more attractive and feasible for Section 8 tenants. 2. **Consider Smaller Units**: One-bedroom units have an FMR of $1,710, which is lower than the two-bedroom FMR. If the actual market rent for one-bedroom units is closer to the FMR, investors could achieve better cash flow. Additionally, smaller units are often easier to manage and maintain, reducing overall expenses. 3. **Negotiate with Landlords**: Since the market is tight and the occupancy rate is high, landlords might be more willing to negotiate rents to ensure occupancy. Investors could approach landlords with offers to manage properties and agree to rent them at or slightly above the FMR, thereby making them accessible to Section 8 voucher holders. #### Bottom Line For Section 8-focused investors, the ZIP code 83709 presents a challenging environment. The high price-to-FMR ratio and tight market conditions suggest that cash flow will be limited, and finding tenants who can afford the FMR might be difficult. Therefore, the recommendation is to **Skip** this ZIP code unless you can acquire properties at a significantly lower cost than the median price or focus on smaller units that are more likely to be rented at or near the FMR. In summary, while the ZIP code has a strong economy and high occupancy rates, the current market dynamics make it less favorable for investors targeting Section 8 voucher holders.

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.