Section 8 Fair Market Rent (FMR) for ZIP 84009 - 2027

Investment Score for ZIP 84009

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	$1,580
1 Bedroom	$1,770
2 Bedrooms	$2,120
3 Bedrooms	$2,810
4 Bedrooms	$3,200
5 Bedrooms	$3,712
6 Bedrooms	$4,157
7 Bedrooms	$4,490
8 Bedrooms	$4,715

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$2,120	$446,875	0.47%	F
3BR	$2,810	$541,708	0.52%	F
4BR	$3,200	$628,326	0.51%	F
5BR	$3,712	$742,865	0.5%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 84009 (South Jordan, UT) #### Section 8 Voucher Dynamics The Fair Market Rent (FMR) figures for ZIP code 84009 in South Jordan, UT, for 2026 indicate that the rent for a two-bedroom apartment is set at $2,280. However, comparing this to the actual rental market, it becomes clear that there is a significant gap. The Zillow median price for a two-bedroom home in this area is $451,458, which translates into a price-to-FMR ratio of 16.5 times. This means that the actual market rent for a two-bedroom unit would likely be much higher than the FMR, potentially around $37,512 annually based on the Zillow median price. For Section 8 voucher holders, this creates a challenging environment where finding affordable housing that fits within their budget constraints is difficult. The FMR represents only 19.8% of the median household income of $137,922, suggesting that even without a voucher, renting a two-bedroom unit would be relatively manageable for most residents. #### Affordability & Renter Profile The population of 84,009 is 44,186, with only 12.2% being renters. This indicates a predominantly owner-occupied market, which is typical for suburban areas like South Jordan. The occupancy rate of 97.8% suggests a very tight rental market, with little room for new units to enter without impacting existing tenants. Given the high median household income of $137,922, the renters in this area are likely to be middle to upper-middle class individuals who can afford higher rents. The low percentage of renters and high occupancy rate imply that the demand for rental properties is strong, but the supply is limited, making it a competitive market for both tenants and landlords. #### Investor Angle From an investor’s perspective, the ZIP code 84009 presents a mixed picture when considering cash flow and investment grade. The FMR for a two-bedroom unit is $2,280, but the actual market rent is likely to be significantly higher due to the high price-to-FMR ratio. If we assume that market rents are at least 16.5 times the FMR, then the annual rent for a two-bedroom unit could be approximately $37,512. However, the FMR is the maximum amount that a landlord can charge a Section 8 tenant, meaning that investors relying solely on Section 8 vouchers would have to operate within these lower rent limits. Given the high median household income and the tight rental market, it is possible that non-voucher tenants might be willing to pay more than the FMR. However, for those specifically targeting Section 8 voucher holders, the cash flow will be constrained by the FMR. The investment grade would depend on the ability to find properties that can be rented out at or below the FMR while still generating a reasonable profit margin. This requires careful consideration of property costs, maintenance expenses, and potential vacancy rates. #### Specific Actionable Insights 1. **Focus on Properties Below FMR**: Investors should look for properties that can be rented out at or below the FMR levels. For example, a two-bedroom unit priced at $2,280 per month would be ideal for attracting Section 8 voucher holders. This ensures compliance with HUD regulations and maximizes the chances of securing long-term tenants. 2. **Consider Multi-Family Units**: Given the high price-to-FMR ratio, single-family homes might be too expensive for Section 8 tenants. Instead, focusing on multi-family units such as apartments or duplexes could provide better opportunities. These units often have lower per-unit costs and can be managed more efficiently. 3. **Evaluate Non-Voucher Tenants**: While the primary focus is on Section 8 voucher holders, investors should also consider the possibility of renting to non-voucher tenants who can afford higher rents. This flexibility allows for better cash flow management and potentially higher returns. #### Bottom Line For Section 8-focused investors, the recommendation for ZIP code 84009 is **Skip**. The high price-to-FMR ratio and the tight rental market make it challenging to find properties that can be rented out at or below the FMR while still generating sufficient cash flow. Additionally, the limited number of renters (12.2%) and the high median household income suggest that the majority of residents are likely homeowners, further reducing the pool of potential Section 8 tenants. Investors looking for cash-flow positive opportunities should consider other ZIP codes with a higher percentage of renters and a more favorable price-to-FMR ratio.

Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.