Location: Boise City, ID | Metro: Boise City, ID HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,200 |
| 1 Bedroom | $1,350 |
| 2 Bedrooms | $1,600 |
| 3 Bedrooms | $2,220 |
| 4 Bedrooms | $2,670 |
| 5 Bedrooms | $3,097 |
| 6 Bedrooms | $3,469 |
| 7 Bedrooms | $3,747 |
| 8 Bedrooms | $3,934 |
The economics of Section 8 in ZIP code 83711, located in Boise City County, Idaho, revolve around the SAFMR (Small Area Fair Market Rent) which is specifically tailored for this ZIP code. For a two-bedroom apartment, the SAFMR for fiscal year 2024 is set at $1430. This figure represents the maximum amount that the housing authority will pay towards the rent subsidy for a unit of this size.
However, the actual reimbursement to landlords does not simply equal the SAFMR. Instead, it is calculated based on a formula that includes the tenant's portion of the rent and utility allowances. Tenants are typically required to pay 30% of their adjusted monthly income toward rent. If a tenant has an adjusted monthly income of $1000, they would contribute $300 towards the rent. The remaining amount, up to the SAFMR, is then paid by the housing authority.
In addition to the base rent, there are utility allowances. These allowances vary depending on the type of utilities included in the rental agreement and can range from $100 to $200 per month. For simplicity, let's assume an average utility allowance of $150. Thus, if the housing authority is paying the difference between the tenant's contribution and the SAFMR, and also covering the utility allowance, the total reimbursement to the landlord might look something like this:
Note that the local market rent data for ZIP 83711 is currently unavailable, which makes it challenging to compare the SAFMR with the prevailing market rates. However, the SAFMR is designed to reflect the reasonable rental costs in the area, ensuring that landlords receive fair compensation while keeping rents affordable for low-income tenants.
To summarize, landlords in ZIP 83711 should expect a reimbursement of approximately $1280 for a two-bedroom apartment under the Section 8 program. This leaves a reimbursement gap of $150 compared to the SAFMR of $1430. This gap must be considered when determining whether to accept Section 8 tenants in your property.
Data Sources: FMR data from HUD (2027).
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.