Section 8 Fair Market Rent (FMR) for ZIP 83857 - 2027

Location: Latah County, ID | Metro: Latah County, ID

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$860
1 Bedroom	$910
2 Bedrooms	$1,040
3 Bedrooms	$1,440
4 Bedrooms	$1,740
5 Bedrooms	$2,018
6 Bedrooms	$2,260
7 Bedrooms	$2,441
8 Bedrooms	$2,563

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

1,074

Median Household Income

$78,185

Housing Units

436

Renter Percentage

4.0%

Occupancy Rate

91.1%

Renter Occupied

A landlord considering investing in ZIP code 83857 for Section 8 properties must navigate several key factors to make an informed decision. The primary focus is on whether the Fair Market Rent (FMR) can cover the debt service on a property and if there's sufficient rental demand.

Step 1: Can the FMR of $1,010 per month clear the debt service on a property valued at $506,393?

No: At $1,010 per month, the FMR does not provide a strong enough income stream to comfortably cover the debt service on a property priced at $506,393. This makes it difficult to justify purchasing solely based on Section 8 income.

Step 2: What is the relationship between the market rent and the FMR?

N/A: There is no data available regarding market rents in ZIP 83857. Without this information, it's impossible to determine if market rents are above, at, or below the FMR. However, the absence of market rent data suggests either limited market activity or that Section 8 is the predominant source of rental income in this area.

Step 3: Is the rental demand high enough, considering 4.0% of the population are renters and the average days on the market (DOM) is N/A?

It Depends: With only 4.0% of the population identified as renters, the overall demand for rental properties appears low. However, the lack of DOM data means we cannot accurately assess how quickly rental units are being filled. If the DOM is short, it could indicate strong local demand for the available rental units despite the low percentage of renters. Conversely, if the DOM is long, it suggests weak demand and difficulty in finding tenants.

To conclude, the decision to purchase a property in ZIP 83857 for Section 8 investment hinges on the ability to clear debt service and the strength of rental demand. Given the current FMR, it is unlikely to sufficiently cover the debt service on a $506,393 property. Furthermore, the limited rental population and unclear DOM data complicate the assessment of demand. A landlord would need to consider additional sources of income or subsidies to offset the financial risk, or look into other ZIP codes where the FMR more reliably covers debt service and there is clearer evidence of strong rental demand.

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.