Location: Wasatch County, UT | Metro: Wasatch County, UT
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 | $1,210 |
| 1 Bedroom | $1,490 |
| 2 Bedrooms | $1,620 |
| 3 Bedrooms | $2,240 |
| 4 Bedrooms | $2,710 |
| 5 Bedrooms | $3,144 |
| 6 Bedrooms | $3,521 |
| 7 Bedrooms | $3,803 |
| 8 Bedrooms | $3,993 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,620 | $645,464 | 0.25% | F |
| 3BR | $2,240 | $758,054 | 0.3% | F |
| 4BR | $2,710 | $1,121,042 | 0.24% | F |
| 5BR | $3,144 | $1,214,328 | 0.26% | F |
U.S. Census Bureau data (2024)
The ZIP code 84032, located in Heber City, Utah, stands out in Wasatch County with a population of 26,111 residents, where 21.3% of the residents rent their homes. The median income in this area is $103,440, indicating a relatively affluent community. However, the median home value of $849,838 suggests that homeownership is significantly more expensive compared to the national average.
In terms of Section 8 voucher economics, the Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $1,650. This is notably lower than the market rate, as indicated by the Zillow Rent Index (ZORI), which stands at $2,356. Landlords can expect to see a discrepancy between the government-subsidized rents and the market rates, potentially leading to a decision on whether to participate in the program based on the financial gap.
The data signature for ZIP 84032 reads as stable. Despite the high median home values, the rental market remains accessible for low-income families due to the relatively low percentage of renters and the higher median income levels. This stability is crucial for landlords and small-portfolio investors considering the long-term viability of their investments in the area. It also implies that there is a consistent demand for affordable housing, making the Section 8 program a viable option for those willing to navigate the financial differences between FMR and market rents.
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.