Location: Tooele County, UT | Metro: Provo-Orem-Lehi, UT MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,140 |
| 1 Bedroom | $1,140 |
| 2 Bedrooms | $1,320 |
| 3 Bedrooms | $1,830 |
| 4 Bedrooms | $2,210 |
| 5 Bedrooms | $2,564 |
| 6 Bedrooms | $2,872 |
| 7 Bedrooms | $3,102 |
| 8 Bedrooms | $3,257 |
U.S. Census Bureau data (2024)
The ZIP code 84022 is located in a predominantly residential area characterized by a high concentration of renters. With a total population of 516, the area stands out due to its 86.9% rental rate, indicating a strong demand for rental properties. The median household income in this ZIP code is notably high at $101,667, suggesting that residents have the financial capacity to afford higher rents. However, the median home value is not available, which might imply that the area is heavily skewed towards rentals rather than owner-occupied homes.
Moving into the specifics of the rental market, the Fair Market Rent (FMR) for ZIP 84022 in fiscal year 2024 is set at $1,050. This figure is slightly below the actual market rent, which is reported at $1,141 according to the Census Bureau's American Community Survey. This discrepancy highlights an opportunity for landlords who can manage their properties efficiently to potentially capture a premium above the subsidized rates.
Given the characteristics of ZIP 84022, it appears well-suited for both hands-off voucher operators and hands-on value-add buyers. For hands-off operators, the high rental rate and proximity to FMR suggest a stable environment where tenants are likely to qualify for Section 8 vouchers. On the other hand, for value-add buyers looking to renovate and improve properties, the potential to charge slightly above the FMR could justify the investment in property improvements. The relatively high median income also supports the idea that there is a solid base of potential tenants who could pay market rates, thereby offering flexibility in rental strategies.
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.