Section 8 Fair Market Rent (FMR) for ZIP 84065 - 2027

Investment Score for ZIP 84065

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	$1,380
1 Bedroom	$1,550
2 Bedrooms	$1,850
3 Bedrooms	$2,450
4 Bedrooms	$2,790
5 Bedrooms	$3,236
6 Bedrooms	$3,624
7 Bedrooms	$3,914
8 Bedrooms	$4,110

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$1,850	$504,934	0.37%	F
3BR	$2,450	$537,291	0.46%	F
4BR	$2,790	$660,900	0.42%	F
5BR	$3,236	$827,047	0.39%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 84065 (Riverton, UT) #### Section 8 Voucher Dynamics The Fair Market Rent (FMR) for Riverton, UT, as of 2026, is set at $1990 for a two-bedroom unit. This amount represents approximately 18.6% of the median household income in the area, which stands at $128,192. However, the actual rental prices in Riverton are significantly higher, with Zillow reporting a median price for a two-bedroom unit at $498,797. The price-to-FMR ratio is a staggering 20.9x, indicating that the actual market rents far exceed the FMR. For voucher holders, this means that finding affordable housing within the FMR limits can be extremely challenging. They would likely have to look outside the typical market rates or in less desirable areas to find units that match their voucher value. #### Affordability & Renter Profile With only 15.8% of the population being renters, Riverton is predominantly a homeownership-focused community. The occupancy rate of 97.7% suggests that there is a high demand for both rental and ownership properties, making it a tight market. Given the high median household income, renters in this area are likely to be financially stable individuals or families who can afford higher rent prices. However, the limited number of renters and the high cost of living mean that the market is not particularly welcoming to low-income households seeking rental accommodations. The disparity between the FMR and actual market rents further complicates affordability for those relying on Section 8 vouchers. #### Investor Angle From an investor perspective, the ZIP code 84065 presents a mixed picture. While the actual market rents are high, the FMR for a two-bedroom unit is $1990. To determine if this is cash-flow positive, we need to consider the typical rental yields in the area. With a median home price of $498,797, the average monthly mortgage payment for a two-bedroom unit could range from $1,500 to $2,500, depending on interest rates and down payments. If we assume a conservative estimate of $2,000 per month for mortgage payments, then the FMR of $1990 would not cover these costs, leading to a negative cash flow scenario. Additionally, the high price-to-FMR ratio indicates that the area is overpriced relative to the FMR, suggesting that it may not be an ideal location for investors focused solely on Section 8 vouchers. #### Investment Grade Given the high market rents and the limited supply of rental units, the investment grade for Riverton, UT, is moderate to low for Section 8-focused investors. The primary constraint is the significant gap between actual market rents and the FMR, which makes it difficult to attract tenants using Section 8 vouchers. Moreover, the high cost of property acquisition and maintenance expenses would likely outweigh the benefits of renting at FMR levels. #### Specific Actionable Insights 1. **Focus on Smaller Units**: Investors should consider focusing on smaller units such as one-bedroom apartments, where the FMR is $1660. Although still challenging, the gap between FMR and market rents is slightly narrower, potentially allowing for better cash flow management. Additionally, smaller units might be more attractive to single individuals or couples who can afford higher rents but prefer smaller living spaces. 2. **Look for Undervalued Properties**: Given the high price-to-FMR ratio, investors should seek out undervalued properties that are closer to the FMR. This might involve looking at older, less desirable units or properties in less affluent neighborhoods within Riverton. These units might be more aligned with the FMR and thus more suitable for Section 8 voucher holders. 3. **Consider Mixed-Income Developments**: Developing properties that cater to a mix of income levels could be a viable strategy. By offering a portion of units at FMR rates and the rest at market rates, investors can balance their cash flow while still participating in the Section 8 program. This approach requires careful planning and zoning approval but can be effective in managing financial risks. #### Bottom Line For Section 8-focused investors, the recommendation for ZIP code 84065 is to **Skip**. The high market rents and the substantial gap between actual rents and FMR make it challenging to achieve positive cash flow. Additionally, the limited number of renters and the tight market conditions suggest that there may not be enough demand for rental units at FMR levels to sustain a profitable business model. Investors interested in this area should consider alternative strategies that do not rely heavily on Section 8 vouchers or focus on other ZIP codes with more favorable FMR-to-market rent ratios.

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.