Location: Bonner County, ID | Metro: Bonner County, ID
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 | $910 |
| 1 Bedroom | $930 |
| 2 Bedrooms | $1,170 |
| 3 Bedrooms | $1,600 |
| 4 Bedrooms | $1,950 |
| 5 Bedrooms | $2,262 |
| 6 Bedrooms | $2,533 |
| 7 Bedrooms | $2,736 |
| 8 Bedrooms | $2,873 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,170 | $424,413 | 0.28% | F |
| 3BR | $1,600 | $607,210 | 0.26% | F |
| 4BR | $1,950 | $727,521 | 0.27% | F |
U.S. Census Bureau data (2024)
The Section 8 cap rate scenario for ZIP code 83804 in Blanchard, ID, can be analyzed using the Fair Market Rent (FMR) and market rent figures for a two-bedroom apartment. The annualized FMR for a 2BR unit is set at $1,110 for FY 2026, while the Census ACS reports a market rent of $952 per month.
To calculate the gross yield for the FMR scenario, we take the annual rent ($1,110 * 12 = $13,320) and divide it by the median home value of $531,760. This yields an implied gross yield of approximately 2.5%. For the market rent scenario, the annual rent ($952 * 12 = $11,424) divided by the same median home value results in an implied gross yield of about 2.15%.
Given that only 12.0% of the population in ZIP 83804 are renters, the FMR scenario might be overly optimistic. Landlords should consider that the demand for rental properties, especially those participating in the Section 8 program, could be lower due to the low renter density. Additionally, the N/A-day DOM (Days on Market) suggests that there is limited data on how long properties stay vacant before being rented, which adds uncertainty to the analysis.
While the FMR scenario offers a slightly higher gross yield of 2.5%, the actual performance could be closer to the market rent scenario's 2.15% gross yield. Investors and landlords should factor in the local rental market conditions and the specific requirements of the Section 8 program when making investment decisions in ZIP 83804.
In conclusion, the gross yield comparison shows a modest difference between the two scenarios, with the FMR providing a marginally better return. However, the reality of the rental market in Blanchard, ID, suggests that the market rent scenario is more likely to reflect the actual performance of rental properties. This implies that investors should prepare for a gross yield closer to 2.15% rather than the 2.5% offered by the FMR.
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.