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 | $1,250 |
| 1 Bedroom | $1,400 |
| 2 Bedrooms | $1,680 |
| 3 Bedrooms | $2,230 |
| 4 Bedrooms | $2,540 |
| 5 Bedrooms | $2,946 |
| 6 Bedrooms | $3,300 |
| 7 Bedrooms | $3,564 |
| 8 Bedrooms | $3,742 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,400 | $323,278 | 0.43% | F |
| 2BR | $1,680 | $524,559 | 0.32% | F |
| 3BR | $2,230 | $788,226 | 0.28% | F |
| 4BR | $2,540 | $1,102,494 | 0.23% | F |
| 5BR | $2,946 | $1,514,936 | 0.19% | F |
U.S. Census Bureau data (2024)
The ZIP code 84103 in Salt Lake City, UT, is predominantly a renter-heavy area, with 58.6% of the population renting their homes. This high percentage indicates a strong potential for demand among tenants using Section 8 vouchers. With a total population of 23,749, the size of the tenant pool is substantial enough to support a significant number of voucher holders.
The median household income in ZIP 84103 is $83,916. The average market rent stands at $1,591, which represents approximately 19.9% of the median income when calculated on an annual basis. This ratio suggests that the typical rent in the area is reasonably affordable compared to the local income levels.
Comparing the market rent to the Fair Market Rent (FMR) figure of $1,570 for FY 2024, it's evident that the actual rents are slightly higher but remain within a reasonable range. Landlords can expect a competitive environment for Section 8 tenants, given the high percentage of renters and the close alignment between market rents and FMRs.
The kind of tenant profile a landlord in 84103 should expect includes individuals and families who benefit from housing choice vouchers. These tenants will likely have a mix of employment statuses, including those working low-wage jobs, students, and seniors, all seeking stable housing within their budget constraints. The strong rental market and the high percentage of renters indicate that landlords can attract a steady stream of voucher users, though they must be prepared to comply with HUD regulations and maintain properties to meet certain standards.
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.