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 market analysis for Section 8 investors targeting ZIP code 84071 in Tooele County, Utah, reveals that the HUD Fair Market Rent (FMR) of $1,010 for FY 2024 is significantly lower than the average market rent of $1,318, according to the Census ACS data. This disparity means that landlords participating in the Section 8 program can expect to cashflow marginally with standard units, but they will see better financial outcomes with premium units that meet higher quality standards.
To derive the rent-to-price ratio, we consider the median home value of $625,777. At the HUD FMR rate of $1,010, the annual rent would be $12,120, which represents approximately 1.9% of the median home value. This low ratio suggests that rental income alone might not fully cover mortgage payments, property taxes, and maintenance costs for typical homes in this area. However, with market rents at $1,318 per month, the annual rent would be $15,816, representing about 2.5% of the median home value. This indicates that while cashflow may be tighter at the FMR rate, it can still be achieved with above-average units.
The median days on market (DOM) and percentage of price cuts are noted as N/A, suggesting that the data on these metrics is not available or does not significantly impact the current analysis. Nonetheless, given the strong demand for affordable housing and the limited supply of properties meeting Section 8 requirements, the stability of the rental market remains a key factor for investors.
The strongest investor angle in ZIP 84071 is stability. The consistent demand for affordable housing combined with the relatively high median home values ensures that investors can rely on steady rental income, even if it requires premium units to achieve positive cashflow.
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.