Location: Benewah County, ID | Metro: Coeur d'Alene, ID MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,000 |
| 1 Bedroom | $1,180 |
| 2 Bedrooms | $1,400 |
| 3 Bedrooms | $1,940 |
| 4 Bedrooms | $2,340 |
| 5 Bedrooms | $2,714 |
| 6 Bedrooms | $3,040 |
| 7 Bedrooms | $3,283 |
| 8 Bedrooms | $3,447 |
U.S. Census Bureau data (2024)
The analysis of ZIP code 83851 in Benewah County, ID, reveals several key points for landlords and small-portfolio investors.
First, the rent math does not work favorably. The Fair Market Rent (FMR) for the zip code in fiscal year 2024 is set at $1260, while the actual market rent, as reported by the Census ACS, stands at $906. This discrepancy indicates that landlords may struggle to cover their costs if they align their rental rates with the market rather than the FMR.
Second, acquisition appears to be moderately affordable. The median home value in the area is $300,509. However, the lack of data on days-on-market (DOM) and the percentage of homes that required a price cut before selling suggests a limited understanding of the local housing market dynamics. Landlords should proceed with caution and seek additional local insights before making an investment decision.
Third, there is a reasonable tenant demand. With a total population of 2,113 and a renter share of 33.0%, the zip code supports a modest but stable rental market. This share translates to approximately 700 renters, providing a steady pool of potential tenants.
Verdict: While there is a viable tenant base in ZIP 83851, the mismatch between the FMR and market rent rates poses a significant challenge. Landlords must carefully consider their pricing strategy to ensure profitability. Acquisition costs are manageable, but the absence of detailed market performance data introduces uncertainty. Overall, the zip code presents a balanced opportunity, contingent upon strategic management and pricing.
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.