Location: Bonner County, ID | Metro: Coeur d'Alene, ID MSA
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| 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 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,180 | $458,537 | 0.26% | F |
| 2BR | $1,400 | $493,207 | 0.28% | F |
| 3BR | $1,940 | $588,535 | 0.33% | F |
| 4BR | $2,340 | $786,609 | 0.3% | F |
| 5BR | $2,714 | $922,795 | 0.29% | F |
U.S. Census Bureau data (2024)
Spirit Lake, ID, located in ZIP code 83869, is a small, predominantly homeowner-driven community with a total population of 5,504 residents. The area is characterized by a low rental rate, with only 7.3% of the population being renters, indicating a strong preference for homeownership among local residents. The median household income in this zip code is $67,099, which suggests that the community has a relatively stable economic base. Furthermore, the median home value stands at $590,912, reflecting a high property value that could be indicative of a desirable living environment.
Turning to the economics of renting in Spirit Lake, the Fair Market Rent (FMR) for ZIP code 83869 for fiscal year 2024 is set at $1,110. This figure is notably lower than the Census Bureau's American Community Survey (ACS) estimate of $1,233 for market rent. The discrepancy between the FMR and the actual market rent highlights a potential challenge for landlords operating under the Section 8 program, as they might struggle to cover their costs due to the lower reimbursement rates.
Given these conditions, ZIP 83869 is likely better suited for hands-on value-add buyers rather than hands-off voucher operators. The lower percentage of renters and the gap between FMR and market rent suggest that landlords will need to actively manage properties to ensure profitability. Value-add strategies, such as improving property amenities or targeting specific segments of the rental market, may be necessary to attract tenants and maintain occupancy levels. For hands-off operators, the risks associated with lower reimbursements and limited demand for rentals could outweigh the benefits.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.