Section 8 Fair Market Rent (FMR) for ZIP 84107 - 2027

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

Investment Score for ZIP 84107

Monthly Rent (2BR)

$1,580

Median Price (2BR)

$346,104

1% Rule

0.46%

Annual Yield

5.48%

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	$1,150
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

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	$241,644	0.55%	F
2BR	$1,580	$346,104	0.46%	F
3BR	$2,100	$506,250	0.41%	F
4BR	$2,400	$599,924	0.4%	F
5BR	$2,784	$714,704	0.39%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

38,257

Median Household Income

$72,108

Housing Units

17,676

Renter Percentage

54.9%

Occupancy Rate

94.3%

Renter Occupied

9,158

The ZIP code 84107, located in Murray, Utah, offers a balanced real estate market that is attractive to both renters and homeowners. With its proximity to Salt Lake City and access to various amenities, it provides a stable environment for investment.

The Fair Market Rent (FMR) for ZIP 84107 in fiscal year 2024 is set at $1,540, indicating the maximum amount a low-income family can pay for housing.
The actual market rent, as measured by the Zillow Observed Rental Index (ZORI), stands at $1,311, suggesting that rental properties are priced below the FMR threshold.
The median home value in the area is $503,891, reflecting a moderate price range for residential properties.
Renters make up 54.9% of the population, highlighting a significant demand for rental units.
The days on market (DOM) average is 39 days, which is relatively quick compared to national averages, showing a strong absorption rate for new listings.
The median household income is $72,108, providing insight into the financial stability and spending power of residents.

Given these data points, Murray's real estate market presents a favorable scenario for landlords and small-portfolio investors. The gap between the FMR and ZORI indicates potential for increasing rents without pricing out tenants. A high renter share combined with a quick DOM suggests strong demand for rental properties, while the median home value and income levels indicate a middle-class demographic capable of sustaining rental rates and property values. These factors collectively support the notion that Murray offers a solid investment opportunity for those looking to enter the rental market.

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.