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 | $1,080 |
| 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 |
|---|---|---|---|---|
| 2BR | $1,500 | $563,281 | 0.27% | F |
| 3BR | $2,090 | $746,818 | 0.28% | F |
| 4BR | $2,510 | $986,470 | 0.25% | F |
| 5BR | $2,912 | $1,291,015 | 0.23% | F |
U.S. Census Bureau data (2024)
The ZIP code 83712 in Boise, ID presents an interesting scenario for both renters and landlords. The median household income in this area stands at $105,574, which is relatively high compared to national averages. However, the market rate for rent, known as the Zillow Observed Rent Index (ZORI), is set at $1,657. This figure represents the typical cost for renting a property in the area without any assistance.
In contrast, the Fair Market Rent (FMR) for Section 8 vouchers in ZIP 83712 for fiscal year 2024 is $1,370. This means that the government will pay landlords up to $1,370 per month for eligible tenants. The difference between the ZORI and the FMR highlights a significant affordability gap for low-income households, who might struggle to cover the additional $287 needed to meet the market rate on their own.
Given that 39.6% of the population in ZIP 83712 are renters, and the total population is 9,071, it becomes evident that there is a substantial rental market. However, the affordability gap suggests that many renters may be looking for subsidized housing options. For landlords, this means that the competition for voucher tenants could be intense, as they represent a stable source of income.
The takeaway for landlords considering whether to accept voucher tenants or focus on cash-paying renters is clear. While cash-paying tenants might offer higher rents closer to the ZORI, the stability and predictability of Section 8 payments can be advantageous. Landlords should weigh the benefits of guaranteed payments against the potential for higher market-rate rents, keeping in mind the significant portion of the population that relies on subsidies to afford housing. Accepting vouchers can be a strategic move to attract a steady stream of tenants in a competitive market.
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.