Location: Shoshone County, ID | Metro: Shoshone County, ID
| Unit Size | Monthly FMR |
|---|---|
| Studio | $910 |
| 1 Bedroom | $920 |
| 2 Bedrooms | $1,200 |
| 3 Bedrooms | $1,480 |
| 4 Bedrooms | $2,010 |
| 5 Bedrooms | $2,332 |
| 6 Bedrooms | $2,612 |
| 7 Bedrooms | $2,821 |
| 8 Bedrooms | $2,962 |
U.S. Census Bureau data (2024)
The ZIP code 83802 presents an interesting scenario for both renters and landlords. The median income for households here is $78,906. However, without a specified market rate, it's challenging to assess the direct affordability for these renters. What we do know is that the Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $1,130.
To put this into context, let's consider the typical budget constraints of renters. Assuming a household allocates 30% of their income towards housing, a household earning the median income would have approximately $2,367 available for rent each month. This far exceeds the FMR of $1,130, suggesting that renters in 83802 could potentially afford higher rental rates.
With only 21.1% of the population being renters and a total population of 124, the competition among landlords might be relatively low. This means that landlords could command slightly higher rents without significantly deterring tenants who are financially capable of paying more.
The affordability gap, however, becomes evident when comparing the median income against the FMR. While renters might have the capacity to pay more than the FMR, the actual market rate remains unspecified, which could indicate a discrepancy between what is affordable and what is charged. For landlords, this suggests that focusing on voucher payments could still be a viable strategy, especially given the low number of renters and the potential for higher market rates.
The takeaway for landlords is clear: while there's room to charge above the FMR, the availability of Section 8 vouchers means that accepting them could still provide a steady, reliable source of income. Landlords should consider the balance between accepting vouchers at $1,130 and potentially renting to non-voucher holders at higher rates, depending on the local market dynamics. Understanding the local demand and supply can help landlords make informed decisions about their rental strategies.
Data Sources: FMR data from HUD (2027). 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.