Section 8 Fair Market Rent (FMR) for ZIP 84106 - 2027

Location: Salt Lake City, UT | Metro: Salt Lake City, UT HUD Metro FMR Area

Investment Score for ZIP 84106

Monthly Rent (2BR)

$1,580

Median Price (2BR)

$434,089

1% Rule

0.36%

Annual Yield

4.37%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,140
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

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
1BR	$1,320	$402,467	0.33%	F
2BR	$1,580	$434,089	0.36%	F
3BR	$2,100	$604,341	0.35%	F
4BR	$2,400	$683,748	0.35%	F
5BR	$2,784	$803,042	0.35%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

35,213

Median Household Income

$101,551

Housing Units

17,306

Renter Percentage

38.9%

Occupancy Rate

92.2%

Renter Occupied

6,208

The ZIP code 84106, located in Salt Lake City, UT, offers a vibrant urban setting with access to numerous amenities including shopping centers, parks, and public transportation. This area is particularly attractive for both landlords and small-portfolio investors due to its strong rental market and relatively high median home values.

The Fair Market Rent (FMR) for a two-bedroom apartment in ZIP 84106 for fiscal year 2024 is set at $1480, indicating the minimum rent that should be charged to ensure affordability while covering costs.
The actual market rent, as measured by Zillow's ZORI index, stands at $1,803, which is higher than the FMR, suggesting a robust demand for rental properties in this area.
The median home value in 84106 is $596,192, reflecting the overall desirability and investment potential of the neighborhood.
Renters make up 38.9% of the population, showing a significant portion of residents who prefer leasing over owning, which benefits landlords looking for steady tenants.
The days on market (DOM) for rental listings is 23 days, indicating a competitive market where properties are quickly filled by interested renters.
The median household income in the area is $101,551, providing assurance that tenants can afford the higher rents typical in this part of Salt Lake City.

In summary, ZIP 84106 presents a favorable environment for real estate investments, especially in the rental sector. With market rents exceeding the FMR and a substantial renter base, landlords can expect healthy occupancy rates and reasonable returns on their investments. The relatively short DOM also suggests that properties will not remain vacant for long periods, minimizing downtime and vacancy costs. However, the high median home values indicate that competition for rental units is strong, necessitating well-maintained and competitively priced properties to attract and retain tenants.

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.