Location: Tooele County, UT | Metro: Tooele County, UT HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $830 |
| 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 84080 represents a predominantly owner-occupied neighborhood with only 11.1% of its 438 residents being renters. The median household income in this area stands at a robust $81,307. Given the lack of median home value data, it suggests that the majority of the housing stock is owned outright or financed through other means rather than being heavily rented.
From an investment standpoint, the Federal Market Rent (FMR) for Section 8 vouchers in ZIP 84080 for fiscal year 2024 is set at $1,130. In comparison, the average market rent as per Census ACS data is $1,292. This indicates that properties renting above the FMR but below the market rate could still be attractive to both tenants and landlords. However, the relatively low percentage of renters in the area might suggest a limited pool of potential Section 8 participants.
Considering these factors, ZIP 84080 is better suited for a hands-off voucher operator who is looking for stable, long-term investments. The high median income and low percentage of renters imply a lower risk of tenant turnover and a higher likelihood of timely rent payments. For a hands-on value-add buyer, the opportunity may be more challenging due to the limited rental market and the need for significant improvements to attract Section 8 tenants at rates that would justify the investment.
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.