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 | $1,240 |
| 1 Bedroom | $1,400 |
| 2 Bedrooms | $1,670 |
| 3 Bedrooms | $2,220 |
| 4 Bedrooms | $2,520 |
| 5 Bedrooms | $2,923 |
| 6 Bedrooms | $3,274 |
| 7 Bedrooms | $3,536 |
| 8 Bedrooms | $3,713 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,400 | $244,788 | 0.57% | F |
| 2BR | $1,670 | $361,804 | 0.46% | F |
| 3BR | $2,220 | $472,138 | 0.47% | F |
| 4BR | $2,520 | $538,494 | 0.47% | F |
| 5BR | $2,923 | $599,186 | 0.49% | F |
U.S. Census Bureau data (2024)
The ZIP code 84047 encompasses parts of Midvale, Utah, a suburb situated in Salt Lake County. With a total population of 37,411, it's a neighborhood where over half of the residents—56.2%—are renters. The area boasts a median household income of $75,954, indicating a middle-class community capable of supporting various rental markets. The median home value stands at $483,872, reflecting a stable housing market with reasonable property values.
From an investment standpoint, the Fair Market Rent (FMR) for ZIP 84047 in fiscal year 2024 is set at $1,570. This figure closely aligns with the market rent of $1,576 as reported by Zillow's Rent Index (ZORI). For hands-off operators looking to manage properties through the Section 8 Housing Choice Voucher program, this ZIP code offers a straightforward opportunity. The FMR and market rent are nearly identical, which means that landlords can expect stable cash flows without significant fluctuations between voucher payments and market rates.
However, for hands-on value-add buyers seeking to improve and increase the value of their properties, the slight discrepancy between FMR and market rent presents a minor challenge. The potential for higher returns through market rents is limited due to the close alignment with FMR. Nonetheless, the relatively high median income suggests that there might still be opportunities to enhance property value and attract tenants willing to pay slightly above FMR, especially if the improvements significantly boost the living standards or amenities.
In conclusion, ZIP 84047 is well-suited for both hands-off voucher operators and hands-on value-add buyers. The former will benefit from a predictable and stable rental environment, while the latter can find pockets of opportunity to add value and potentially command rents closer to market levels. The combination of a robust rental market and a stable housing economy makes Midvale a reliable investment location for real estate investors.
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.