Section 8 Fair Market Rent (FMR) for ZIP 84010 - 2027

Investment Score for ZIP 84010

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	$1,220
1 Bedroom	$1,290
2 Bedrooms	$1,640
3 Bedrooms	$2,200
4 Bedrooms	$2,630
5 Bedrooms	$3,051
6 Bedrooms	$3,417
7 Bedrooms	$3,690
8 Bedrooms	$3,875

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	$1,640	$350,564	0.47%	F
3BR	$2,200	$501,797	0.44%	F
4BR	$2,630	$577,572	0.46%	F
5BR	$3,051	$739,948	0.41%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 84010 (Bountiful, UT) #### Section 8 Voucher Dynamics The Fair Market Rent (FMR) figures for ZIP code 84010 in Bountiful, UT, for 2026 indicate that the rent for a two-bedroom apartment is set at $1680 per month. This amount represents 19.7% of the median household income of $102,445, which suggests that it is relatively affordable for those who qualify for Section 8 vouchers. However, the actual rental market in Bountiful is significantly higher. According to Zillow, the median price for a two-bedroom home is $351,337, which translates into a monthly mortgage payment well above the FMR. The price-to-FMR ratio of 17.4x indicates that the actual market rents are much higher than the FMR, creating a constraint for voucher holders. They may struggle to find suitable housing within the limits of their vouchers, especially for larger units like three or four-bedroom apartments. #### Affordability & Renter Profile In Bountiful, approximately 30.2% of the population are renters, indicating a significant demand for rental properties. With a median household income of $102,445, most residents can afford the high rents in the area. However, for those relying on Section 8 vouchers, the situation is quite challenging. The occupancy rate of 93.0% suggests that the rental market is tight, with few vacancies available. This tight market makes it even harder for voucher holders to find housing that fits within their budget. Given the high median income and the relatively low percentage of renters, it is likely that the typical renter in Bountiful is financially stable but may still benefit from assistance programs like Section 8. #### Investor Angle From an investor's perspective, the ZIP code 84010 presents a mixed picture. While the actual market rents are high, the FMRs set by HUD are considerably lower. For instance, a two-bedroom apartment's FMR is $1680, whereas the median price for such a unit based on Zillow data would be much higher if converted into a rental. This means that landlords who rely solely on Section 8 vouchers might face cash flow challenges, as the rents they can charge under the program are below market rates. To determine if the ZIP is cash-flow positive at FMR, we need to consider the cost of maintaining and managing rental properties. Assuming a conservative estimate of $1000 per month in expenses for a two-bedroom unit, the net cash flow would be $680 per month at the FMR. This is a positive cash flow, but it is significantly less than what could be earned in the open market. Therefore, while it is possible to make money with Section 8 tenants, the returns are lower compared to non-voucher rentals. The investment grade for this ZIP code would be moderate, given the tight market and the potential for higher returns outside of the Section 8 program. #### Specific Actionable Insights 1. **Focus on Smaller Units**: Investors should focus on smaller units like one-bedroom or studio apartments, where the FMR is lower ($1330). These units are more likely to be rented out by voucher holders, and the gap between FMR and market rents is narrower, making it easier to manage cash flow. 2. **Consider Mixed Rental Strategies**: To maximize profitability, investors could adopt a mixed rental strategy. This involves renting some units to Section 8 voucher holders at FMR and others to market-rate tenants at higher rents. By doing so, they can balance the lower returns from voucher tenants with higher returns from other tenants, ensuring overall positive cash flow. 3. **Engage with Local Housing Authorities**: Building relationships with local housing authorities can help investors secure more Section 8 tenants. This is particularly important in a tight market where finding suitable housing is difficult. Local authorities often have waiting lists and can help match landlords with qualified tenants. #### Bottom Line For Section 8-focused investors, the ZIP code 84010 (Bountiful, UT) presents a moderately attractive opportunity. While the FMRs are lower than market rents, the high median income and tight market suggest a strong demand for rental properties. However, the recommendation would be to **Hold** investments in this ZIP code rather than aggressively expand. The positive cash flow from smaller units and the potential for mixed rental strategies make it feasible, but the overall returns are limited compared to non-voucher rentals. Investors should carefully evaluate their portfolio mix and consider diversifying their tenant base to ensure financial stability and growth.

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.