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 | $1,210 |
| 1 Bedroom | $1,350 |
| 2 Bedrooms | $1,620 |
| 3 Bedrooms | $2,150 |
| 4 Bedrooms | $2,450 |
| 5 Bedrooms | $2,842 |
| 6 Bedrooms | $3,183 |
| 7 Bedrooms | $3,438 |
| 8 Bedrooms | $3,610 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,350 | $312,723 | 0.43% | F |
| 2BR | $1,620 | $451,018 | 0.36% | F |
| 3BR | $2,150 | $650,147 | 0.33% | F |
| 4BR | $2,450 | $791,862 | 0.31% | F |
| 5BR | $2,842 | $961,012 | 0.3% | F |
U.S. Census Bureau data (2024)
ZIP code 84102, located in Salt Lake City, UT, falls within the Salt Lake City, UT HUD Metro FMR Area. The Fair Market Rent (FMR) for this area in fiscal year 2024 is set at $1580, closely matching the market rent of $1,567. This indicates that the rental rates in 84102 align well with what is considered fair market value by HUD standards.
The median home value in ZIP 84102 stands at $537,266, which is likely above average for the Salt Lake City, UT HUD Metro FMR Area. However, the key figure here is the 76.0% renter share, significantly higher than the typical ZIP codes within the same metro area. A high percentage of renters combined with a home value that is not necessarily below the metro average can suggest that 84102 is a desirable location for tenants but may not be the most affordable for homeowners.
Based on the provided figures, ZIP 84102 appears to be a mid-tier neighborhood within the Salt Lake City, UT HUD Metro FMR Area. While it maintains competitive rental rates, the higher-than-average renter share suggests a robust demand for rentals. This combination could make 84102 an attractive option for landlords and small-portfolio investors looking for a balance between rental income and property value.
Investors should note the divergence between the high renter share and the relatively high home value. This scenario can indicate a sweet spot for Section 8 properties, where the cost of housing is not excessively low, yet the rental income remains stable due to the strong tenant demand.
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.