Section 8 Fair Market Rent (FMR) for ZIP 84037 - 2027

Location: Ogden, UT | Metro: Ogden, UT MSA

Investment Score for ZIP 84037

Monthly Rent (2BR)

$1,730

Median Price (2BR)

$440,689

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	$1,290
1 Bedroom	$1,360
2 Bedrooms	$1,730
3 Bedrooms	$2,320
4 Bedrooms	$2,770
5 Bedrooms	$3,213
6 Bedrooms	$3,599
7 Bedrooms	$3,887
8 Bedrooms	$4,081

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	$1,730	$440,689	0.39%	F
3BR	$2,320	$564,631	0.41%	F
4BR	$2,770	$637,767	0.43%	F
5BR	$3,213	$837,733	0.38%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

39,415

Median Household Income

$134,375

Housing Units

11,415

Renter Percentage

9.9%

Occupancy Rate

98.1%

Renter Occupied

1,112

The analysis of ZIP code 84037, encompassing Kaysville, UT within the Ogden, UT MSA metro, reveals key insights for landlords and small-portfolio investors.

Rent Math: The Family Monthly Rent (FMR) set at $1,440 for fiscal year 2024 contrasts sharply with the market rent, which stands at $2,065 according to ZORI. This discrepancy indicates that the rent math does not work in favor of tenants receiving Section 8 assistance, as the subsidy does not cover the prevailing market rates.
Acquisition Affordability: With a median home value of $701,410, acquiring properties in this area is not inexpensive. However, the relatively short days on market (DOM) of 12 days and a low price-cut share of 0.2% suggest that homes are selling quickly and at or near asking price, indicating a strong seller's market where property values are stable and likely appreciating.
Tenant Demand: The population of 39,415 residents includes a significant number of potential renters, given the 9.9% renter share. While the percentage might seem modest, it translates into a substantial pool of tenants, especially considering the overall population size.

A verdict on ZIP 84037 for Section 8 landlords and small-portfolio investors is mixed. The rent math does not align well with market conditions, posing challenges for those relying solely on Section 8 subsidies. Acquisition remains costly but is offset by quick sales and stable prices, suggesting that investment in this area can be profitable if the focus shifts towards higher-end rentals or alternative financing strategies. Tenant demand exists but may require additional marketing efforts to attract the right mix of Section 8 and private renters, given the relatively low renter share. Overall, while ZIP 84037 presents opportunities, it also requires careful consideration of market dynamics and financial planning to ensure success.

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.