Location: Salt Lake City, UT | Metro: Salt Lake City, UT HUD Metro FMR Area
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 | $1,270 |
| 1 Bedroom | $1,420 |
| 2 Bedrooms | $1,700 |
| 3 Bedrooms | $2,260 |
| 4 Bedrooms | $2,570 |
| 5 Bedrooms | $2,981 |
| 6 Bedrooms | $3,339 |
| 7 Bedrooms | $3,606 |
| 8 Bedrooms | $3,786 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,700 | $388,396 | 0.44% | F |
| 3BR | $2,260 | $438,202 | 0.52% | F |
| 4BR | $2,570 | $454,747 | 0.57% | F |
| 5BR | $2,981 | $498,521 | 0.6% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 84044, Magna, Utah, for fiscal year 2024 is set at $1610. This figure represents the maximum amount that a landlord can charge a Section 8 tenant for rent. It's important to note that this is not your actual rent; it's the payment standard used by the housing authority to determine what a voucher holder can pay.
In comparison, the local market rent for a similar property is estimated at $1687, based on the ZORI (Zillow Observed Rental Index). This indicates that the FMR is slightly below the typical rental price in the area, which could mean that you might need to adjust your expectations for rental income if you decide to participate in the Section 8 program.
The demand for rental properties in Magna is significant, with 21.1% of residents being renters. This high percentage suggests a steady demand for affordable housing options, making Section 8 participation potentially beneficial for landlords looking to fill vacancies and maintain consistent tenancy.
If you're considering purchasing a property to use as a Section 8 rental, the median home value in Magna is approximately $448,967. This figure should be factored into your decision-making process when assessing the potential return on investment.
Before proceeding, it's crucial to verify that the property meets all local and federal standards for housing quality and safety. The housing authority will conduct an inspection to ensure that the unit is up to par, so having a well-maintained and safe property is essential for approval and continued participation in the program.
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.