Location: Latah County, ID | Metro: Benewah County, ID
| Unit Size | Monthly FMR |
|---|---|
| Studio | $770 |
| 1 Bedroom | $930 |
| 2 Bedrooms | $1,090 |
| 3 Bedrooms | $1,500 |
| 4 Bedrooms | $1,690 |
| 5 Bedrooms | $1,960 |
| 6 Bedrooms | $2,195 |
| 7 Bedrooms | $2,371 |
| 8 Bedrooms | $2,490 |
U.S. Census Bureau data (2024)
28.1% of residents in ZIP code 83824 are renters, indicating a significant portion of the population relies on rental housing. This statistic is crucial for landlords and small-portfolio investors looking to understand the local demand. At $839, the average market rent based on Census ACS data is notably lower than the Fair Market Rent (FMR) set at $1,060 for the metro area in fiscal year 2026. The difference between these two figures suggests that there might be opportunities for landlords to increase rents without alienating potential tenants.
$53,036 is the median income in ZIP 83824, which is an important factor when considering the affordability of housing for local residents. Given the disparity between the market rent and the FMR, it's evident that many residents are paying below the fair market rate, potentially due to limited housing options or economic pressures. Landlords can use this information to gauge the financial capacity of their tenant pool and adjust their investment strategies accordingly.
The lack of data on median home values and days on market (DOM) indicates that the focus in this area is primarily on rental properties rather than sales. This absence of information on price-cut shares also points towards a stable market where prices are not frequently adjusted downwards, suggesting a consistent demand for rental properties. For investors interested in Section 8 housing, the lower market rent compared to the FMR presents a viable opportunity to participate in the program while still maintaining competitive pricing.
In conclusion, the data from ZIP 83824 shows a robust rental market with a substantial renter base and room for rent increases. The median income supports the ability of residents to afford housing near the FMR, making the area attractive for Section 8 participation. The verdict on Section 8 in this ZIP code is positive, offering a solid investment opportunity for those willing to engage with the program.
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.