Location: Ogden, UT | Metro: Ogden, UT MSA
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 | $1,340 |
| 1 Bedroom | $1,420 |
| 2 Bedrooms | $1,800 |
| 3 Bedrooms | $2,410 |
| 4 Bedrooms | $2,880 |
| 5 Bedrooms | $3,341 |
| 6 Bedrooms | $3,742 |
| 7 Bedrooms | $4,041 |
| 8 Bedrooms | $4,243 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,800 | $346,119 | 0.52% | F |
| 3BR | $2,410 | $489,159 | 0.49% | F |
| 4BR | $2,880 | $592,743 | 0.49% | F |
| 5BR | $3,341 | $903,155 | 0.37% | F |
U.S. Census Bureau data (2024)
The ZIP code 84054, located in North Salt Lake, UT, falls within the larger Ogden, UT MSA metro area. When analyzing its Fair Market Rent (FMR) of $1540 for fiscal year 2024, alongside its market rent of $1,925 and median home value of $560,841, it becomes evident that 84054 presents characteristics of a mid-tier neighborhood within the metro. The FMR figure is notably lower than the market rent, suggesting a gap where subsidized housing can be particularly advantageous for low-income tenants.
A key indicator for potential value pockets within a metro area is the renter share, which stands at 33.1% for ZIP 84054. This percentage is higher than what might typically be expected for a median home value of $560,841 in the Ogden, UT MSA. Generally, ZIP codes with higher renter shares and relatively lower home values compared to the metro average are considered attractive for Section 8 investments due to the demand for affordable rental properties.
To put this into perspective, let's consider how these figures compare to typical ZIP codes within the Ogden, UT MSA. While specific data for every ZIP in the metro isn't available here, it's reasonable to infer that ZIP 84054's combination of an FMR significantly below market rent and a higher-than-average renter share indicates a favorable environment for Section 8 properties. The FMR of $1540 suggests that the government subsidy for rental units in this ZIP is designed to cater to a segment of the population that cannot afford the market rent of $1,925.
The median home value of $560,841 places 84054 in a range that is neither the lowest nor the highest among typical ZIP codes within the Ogden, UT MSA. This aligns with the classification of a mid-tier neighborhood, where there is a mix of homeowners and renters but with a notable preference for renting, as indicated by the 33.1% renter share. This divergence—high renter share with below-metro average home values—signals a sweet spot for landlords and small-portfolio investors looking to capitalize on Section 8 opportunities.
In conclusion, ZIP 84054 in North Salt Lake, UT, appears to be a mid-tier neighborhood within the Ogden, UT MSA. Its specific figures suggest a scenario where it could serve as a value pocket for Section 8 investments, owing to the substantial difference between the FMR and market rent, coupled with a higher renter share. These conditions make it an attractive location for those interested in leveraging government subsidies to provide affordable housing while maintaining competitive investment returns.
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.