Location: Salt Lake City, UT | Metro: Salt Lake City, UT HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,250 |
| 1 Bedroom | $1,400 |
| 2 Bedrooms | $1,680 |
| 3 Bedrooms | $2,230 |
| 4 Bedrooms | $2,540 |
| 5 Bedrooms | $2,946 |
| 6 Bedrooms | $3,300 |
| 7 Bedrooms | $3,564 |
| 8 Bedrooms | $3,742 |
U.S. Census Bureau data (2024)
Sandy, UT, located in Salt Lake County and identified by ZIP code 84070, stands out with a population of 30,472 residents, where 43.3% live in rental properties. The median household income in Sandy is $78,991, reflecting a relatively affluent community. The median home value in this area is notably high at $537,031, indicating that homeownership is a significant factor in the local economy.
The voucher economics in Sandy present an interesting opportunity for landlords. The Fair Market Rent (FMR) for the fiscal year 2024 is set at $1720, which is higher than the market rent of $1,556 (ZORI). This means that landlords participating in the Section 8 program can potentially receive higher rents than the average market rate, providing a financial incentive to accept Section 8 tenants.
The data signature for ZIP 84070 suggests a stable environment. With a substantial portion of residents renting and a median income above the national average, there is a solid demand for both rental and owned housing. The higher FMR compared to ZORI indicates that the federal government recognizes the need to support affordable housing in a generally expensive market, further stabilizing the rental sector for landlords who choose to participate in the Section 8 program.
Landlords in Sandy can expect steady tenant demand and reliable rental payments through the Section 8 program. The economic conditions favor a stable investment climate, making it a favorable location for those interested in long-term real estate investments.
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.