Location: Provo-Orem-Lehi, UT | Metro: Provo-Orem-Lehi, UT MSA
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 | $1,170 |
| 1 Bedroom | $1,180 |
| 2 Bedrooms | $1,350 |
| 3 Bedrooms | $1,870 |
| 4 Bedrooms | $2,260 |
| 5 Bedrooms | $2,622 |
| 6 Bedrooms | $2,937 |
| 7 Bedrooms | $3,172 |
| 8 Bedrooms | $3,331 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,870 | $534,190 | 0.35% | F |
| 4BR | $2,260 | $584,569 | 0.39% | F |
| 5BR | $2,622 | $700,867 | 0.37% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 84097 in fiscal year 2024 is set at $1240. This figure represents the payment standard for Section 8 housing vouchers in your area, meaning it's the maximum amount the government will pay towards a tenant's rent. However, this does not necessarily mean your property's rent should be set at $1240; it serves as a guideline for reimbursement.
In comparison, the local ZORI (Zillow Observed Rental Index) stands at $1,432. This index reflects the average rent for properties in the same ZIP code, indicating that you could potentially charge a slightly higher rent than the FMR if the market supports it. It's important to note that the ZORI provides a broader snapshot of rental rates, whereas the FMR specifically targets subsidized housing.
The renter share in ZIP 84097 is 29.0%, which suggests a moderate demand for rental properties. This percentage indicates the proportion of households that rent rather than own their homes, implying that there are enough potential tenants who might benefit from Section 8 vouchers. The average acquisition cost for a property in this ZIP code is around $596,528, which is the estimated price you would pay to purchase an existing home suitable for Section 8 tenancy.
Before deciding to participate in the Section 8 program, you must verify that your property meets all the required housing quality standards. These standards ensure that the rental unit is safe, decent, and sanitary for tenants. A thorough inspection by a local housing authority is necessary to confirm compliance. Once verified, you can confidently proceed with listing your property under the Section 8 program, knowing the financial parameters and demand levels in your area.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.