Location: Salt Lake City, UT | Metro: Salt Lake City, UT HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,640 |
| 1 Bedroom | $1,850 |
| 2 Bedrooms | $2,210 |
| 3 Bedrooms | $2,930 |
| 4 Bedrooms | $3,340 |
| 5 Bedrooms | $3,874 |
| 6 Bedrooms | $4,339 |
| 7 Bedrooms | $4,686 |
| 8 Bedrooms | $4,920 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,210 | $565,568 | 0.39% | F |
| 3BR | $2,930 | $682,904 | 0.43% | F |
| 4BR | $3,340 | $749,358 | 0.45% | F |
| 5BR | $3,874 | $926,522 | 0.42% | F |
U.S. Census Bureau data (2024)
The HUD Fair Market Rent (FMR) for ZIP code 84093, which includes Sandy, UT, within the Salt Lake County County, Salt Lake City, UT HUD Metro FMR Area, is set at $2,290 for fiscal year 2024. This figure is slightly below the market rent, known as the Zillow Observed Rental Index (ZORI), which stands at $2,325. Voucher tenants will thus cashflow marginally at this FMR rate, making it important for landlords to ensure that their expenses do not exceed the rental income.
To further analyze the investment potential, consider the median home value in the area, which is $800,622. The rent-to-price ratio can be calculated as follows: $2,325 (market rent) divided by $800,622 (median home value) equals approximately 0.0029, or 0.29%. This low ratio suggests that the area is more favorable for renting rather than buying, given the high cost of homeownership relative to rental yields.
The market also shows a day median DOM (Days on Market) as N/A, indicating that properties are typically rented quickly without significant delays. Additionally, the price-cut share stands at 0.2%, suggesting that rental rates rarely need adjustment downwards, implying strong demand and stable pricing.
In conclusion, the strongest angle for Section 8 investors in ZIP 84093 is likely to be stability. Given the minimal need for price adjustments and quick turnover, investors can expect consistent cash flow and a reliable tenant base, ensuring long-term stability in their investment portfolio.
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.