Location: Coeur d'Alene, ID | Metro: Coeur d'Alene, ID MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,270 |
| 1 Bedroom | $1,290 |
| 2 Bedrooms | $1,510 |
| 3 Bedrooms | $2,090 |
| 4 Bedrooms | $2,520 |
| 5 Bedrooms | $2,923 |
| 6 Bedrooms | $3,274 |
| 7 Bedrooms | $3,536 |
| 8 Bedrooms | $3,713 |
The ZIP code 83816 presents a unique challenge for both renters and landlords due to the lack of specific data on median income and market rental rates. However, we can still analyze the situation based on the available information regarding the Fair Market Rent (FMR) for housing vouchers.
A household in ZIP 83816 can expect the government to pay up to $1260 per month for a housing voucher in fiscal year 2024. This figure serves as a benchmark for affordable rents in the area. Without concrete data on the local market rate, it's difficult to determine if this amount is sufficient for landlords to cover their costs and make a profit.
The absence of detailed demographic information such as the percentage of renters and total population complicates a full analysis of the competition faced by landlords. However, it's clear that the voucher payment standard of $1260 will be a significant factor in the rental market. Landlords must consider whether this fixed amount is enough to maintain properties and generate desired returns.
The affordability gap in ZIP 83816 means that landlords should carefully evaluate their cost structures and property values. If the typical market rate exceeds the voucher payment, landlords might face a choice between accepting lower payments through vouchers or seeking out-of-pocket paying tenants who can afford higher rents.
For landlords considering voucher vs. cash-pay strategies, the key takeaway is to assess the balance between guaranteed stable income from vouchers and the potential for higher, albeit less predictable, income from market-rate tenants. Given the limited data, focusing on areas where the voucher payment aligns closely with maintenance and operational costs could be a prudent approach.
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.