Section 8 Fair Market Rent (FMR) for ZIP 83815 - 2027

Investment Score for ZIP 83815

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	$1,370
1 Bedroom	$1,390
2 Bedrooms	$1,620
3 Bedrooms	$2,240
4 Bedrooms	$2,710
5 Bedrooms	$3,144
6 Bedrooms	$3,521
7 Bedrooms	$3,803
8 Bedrooms	$3,993

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$1,620	$402,335	0.4%	F
3BR	$2,240	$516,981	0.43%	F
4BR	$2,710	$638,359	0.42%	F
5BR	$3,144	$762,371	0.41%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 83815 (Coeur d'Alene, ID) #### Section 8 Voucher Dynamics The Fair Market Rent (FMR) for ZIP code 83815, as per the 2026 data, is set at $1640 for a two-bedroom unit. This amount represents 25.3% of the median household income in the area, which stands at $77,864. However, the actual rental market in Coeur d'Alene is significantly higher. The Zillow median price for a two-bedroom rental unit is $398,717, which translates into a monthly rent that is approximately 20.3 times the FMR. This means that the actual monthly rent for a two-bedroom unit would be around $3322.67 ($398,717 / 12). Given these figures, it is clear that the FMR is substantially lower than the actual market rent. For voucher holders, this creates a significant constraint. They will find it challenging to secure housing that fits within their budget, especially for larger units like three-bedroom ($2280) and four-bedroom ($2750) apartments. The disparity between FMR and market rent suggests that voucher holders are likely to face difficulties in finding suitable housing options within their allotted funds. #### Affordability & Renter Profile The ZIP code 83815 has a population of 41,405, with 33.7% being renters. This indicates a substantial demand for rental properties, making it a relatively tight market. With a high occupancy rate of 94.1%, there is little room for new rentals to enter the market without displacing existing residents. The median household income of $77,864 provides insight into the economic profile of the area, suggesting that many residents have a moderate to upper-middle-class income level. However, the 33.7% renter percentage implies that a considerable portion of the population relies on rental housing, including those who might benefit from government assistance programs such as Section 8. Given the high cost of living and the significant gap between FMR and actual market rents, affordability remains a critical issue for low-income renters. The market is likely to be competitive, with landlords having the upper hand due to the high demand and limited supply. #### Investor Angle From an investor's perspective, the ZIP code 83815 presents a mixed picture. While the FMR for a two-bedroom unit is $1640, the actual market rent is much higher at around $3322.67. This means that if an investor were to target the Section 8 market exclusively, they would need to ensure that their rental properties are priced competitively within the FMR range to attract voucher holders. However, the high market rent suggests that there could be opportunities for investors to achieve positive cash flow by targeting a broader market beyond just Section 8 tenants. The price-to-FMR ratio of 20.3x indicates that the rental market is highly inflated compared to the government-set FMR. This inflation could provide a cushion for investors who can manage their properties effectively and maintain them at a slightly higher rent than the FMR but still below the market rate. #### Specific Actionable Insights 1. **Target Smaller Units**: Given the high cost of larger units relative to FMR, investors should focus on smaller units such as one-bedroom ($1380) and zero-bedroom ($1170) apartments. These units are more likely to be affordable for Section 8 voucher holders and can offer a better chance of securing long-term tenants. 2. **Consider Mixed-Income Properties**: Investors could consider developing or purchasing properties that cater to both Section 8 voucher holders and other renters. By setting some units at FMR and others slightly above FMR but below market rates, they can create a balanced portfolio that maximizes occupancy while also ensuring positive cash flow. #### Bottom Line For Section 8-focused investors, the recommendation for ZIP code 83815 is to **Hold**. The market is tight, with high occupancy rates and significant demand for rental properties. However, the disparity between FMR and actual market rents makes it challenging to find properties that fit within the voucher limits. Investors should carefully evaluate their options and consider focusing on smaller units or developing mixed-income properties to balance affordability and profitability. In summary, while there is potential in the rental market of Coeur d'Alene, the high market rents relative to FMR suggest that pure Section 8 investments may struggle to find suitable properties. A more nuanced approach, combining Section 8 units with other affordable options, could yield better results for investors.

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.