Section 8 Fair Market Rent (FMR) for ZIP 84006 - 2027

Location: Salt Lake City, UT | Metro: Salt Lake City, UT HUD Metro FMR Area

Investment Score for ZIP 84006

Monthly Rent (2BR)

$1,580

Median Price (2BR)

$402,955

1% Rule

0.39%

Annual Yield

4.71%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,140
1 Bedroom	$1,320
2 Bedrooms	$1,580
3 Bedrooms	$2,100
4 Bedrooms	$2,400
5 Bedrooms	$2,784
6 Bedrooms	$3,118
7 Bedrooms	$3,367
8 Bedrooms	$3,535

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$1,580	$402,955	0.39%	F
3BR	$2,100	$445,718	0.47%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

1,060

Median Household Income

$83,000

Housing Units

382

Renter Percentage

39.8%

Occupancy Rate

95.3%

Renter Occupied

145

Bingham Canyon, UT, located in ZIP code 84006, is a suburban community situated within the larger Salt Lake City metropolitan area. Known for its proximity to outdoor recreational activities and its relatively quiet residential environment, it offers a mix of single-family homes and rental properties. The area's real estate market is influenced by both local economic conditions and broader housing trends.

The Fair Market Rent (FMR) for a two-bedroom apartment in Bingham Canyon for fiscal year 2024 is set at $1570.
The average market rent for a two-bedroom property, according to the Census Bureau's American Community Survey, is $1,356.
The median home value in Bingham Canyon is $433,266, reflecting a stable and moderately priced housing market.
Renters make up 39.8% of the population, indicating a significant demand for rental properties in the area.
The median household income in Bingham Canyon is $83,000, suggesting that residents have the financial capability to support higher rents and home values.

The data points indicate a favorable investment climate for landlords and small-portfolio investors in Bingham Canyon. With the FMR slightly above the market rent, there is potential for rental increases without pricing out tenants. The median home value shows stability, which can translate into steady property appreciation over time. A substantial portion of the population renting suggests ongoing demand for rental units. Coupled with a median income that supports higher rents, these factors collectively point to a robust and reliable rental market where consistent cash flow and property value growth are achievable outcomes.

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.