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 | $1,150 |
| 1 Bedroom | $1,320 |
| 2 Bedrooms | $1,580 |
| 3 Bedrooms | $2,100 |
| 4 Bedrooms | $2,400 |
| 5 Bedrooms | $2,784 |
| 6 Bedrooms | $3,118 |
| 7 Bedrooms | $3,367 |
| 8 Bedrooms | $3,535 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,320 | $396,524 | 0.33% | F |
| 2BR | $1,580 | $534,072 | 0.3% | F |
| 3BR | $2,100 | $574,889 | 0.37% | F |
U.S. Census Bureau data (2024)
1450 is the Fair Market Rent (FMR) for ZIP 84101 in Salt Lake City, UT, for fiscal year 2024, indicating the maximum amount Section 8 participants can be charged for a two-bedroom apartment. However, the actual market rent, measured by Zillow's ZORI, stands at 1662 for the same area, suggesting a premium over the subsidized rate. The median home value in this ZIP code is 499058, reflecting a relatively high cost of living compared to other parts of the city. With 79.3% of the population being renters, there is a significant demand for rental properties, which could benefit landlords and small-portfolio investors. The median income in ZIP 84101 is 72735, providing insight into the financial capabilities of potential tenants. Despite the high renter share, the day DOM (days on market) is listed as N/A, which might imply that listings move quickly once they're available. Furthermore, the price-cut share is only 0.2%, indicating that landlords rarely need to lower their asking prices to attract tenants. Given these figures, investing in Section 8 properties in ZIP 84101 appears favorable due to the strong rental market and limited need for concessions.
However, it's important to note that while the FMR is set at 1450, the actual market rent is higher at 1662, which could affect the profitability of Section 8 properties if landlords cannot charge above the FMR. The high median home value of 499058 and median income of 72735 suggest that the area is economically robust, but the disparity between FMR and market rent must be carefully considered. The quick turnover indicated by the day DOM and the low price-cut share of 0.2% further support the idea that the rental market is competitive and attractive for investors. In conclusion, the data points to a positive outlook for Section 8 investments in ZIP 84101, though landlords should be prepared to navigate the regulatory constraints of the program.
Section 8 Verdict: Favorable, with careful attention to regulatory compliance.
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.