Location: Tooele County, UT | Metro: Tooele County, UT HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $820 |
| 1 Bedroom | $860 |
| 2 Bedrooms | $1,120 |
| 3 Bedrooms | $1,510 |
| 4 Bedrooms | $1,880 |
| 5 Bedrooms | $2,181 |
| 6 Bedrooms | $2,443 |
| 7 Bedrooms | $2,638 |
| 8 Bedrooms | $2,770 |
U.S. Census Bureau data (2024)
The ZIP code 84069, with a median income of $88,269, presents an interesting scenario for both renters and landlords. The market rate for rent, according to the Census ACS, stands at $1,109 per month. This figure represents a significant portion of the median household income, making it challenging for residents to afford housing without financial strain.
Comparatively, the Fair Market Rent (FMR) standard for voucher payments in ZIP 84069 for fiscal year 2024 is set at $1,160. This means that voucher holders can potentially afford slightly higher rent rates than those paying out-of-pocket based on the market rate. However, the difference between the market rate and the FMR is minimal, suggesting that the affordability gap for renters is narrow regardless of whether they receive a voucher or not.
With only 19.6% of the 480-person population being renters, the competition among landlords is likely to be fierce. The limited number of renters means that landlords must carefully consider their pricing and rental policies to attract tenants. Offering units that fall within the FMR range could be a strategic move to tap into the government-subsidized housing market, which might provide a steadier stream of income.
For landlords weighing voucher versus cash-pay strategies, the data suggests that focusing on voucher tenants could be advantageous. Given the tight budget constraints many renters face, the stability provided by vouchers might outweigh the potential for higher rents from cash-paying tenants. Additionally, the slight premium that voucher holders can afford over the market rate offers a compelling reason to participate in the voucher program.
Data Sources: FMR data from HUD (2027). 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.