Section 8 Fair Market Rent (FMR) for ZIP 84108 - 2027
Location: Salt Lake City, UT | Metro: Salt Lake City, UT HUD Metro FMR Area
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $1,230 |
| 1 Bedroom | $1,430 |
| 2 Bedrooms | $1,710 |
| 3 Bedrooms | $2,270 |
| 4 Bedrooms | $2,600 |
| 5 Bedrooms | $3,016 |
| 6 Bedrooms | $3,378 |
| 7 Bedrooms | $3,648 |
| 8 Bedrooms | $3,830 |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$120,854
Housing Authorities Serving ZIP 84108
The ZIP code 84108 is located in the heart of Salt Lake City, Utah, offering a vibrant urban environment with easy access to downtown amenities, public transportation, and cultural attractions. This area is highly desirable for both residents and investors due to its central location and strong economic indicators.
- Fair Market Rent (FMR) for a two-bedroom apartment in ZIP 84108 for fiscal year 2024 is set at $1730. This figure represents the government's benchmark for rental affordability and is particularly relevant for landlords participating in Section 8 programs.
- The average market rent for a two-bedroom apartment, as indicated by Zillow's ZORI index, stands at $2,691. This suggests that the actual rental market significantly outpaces the FMR, indicating a robust demand for rental properties.
- The median home value in ZIP 84108 is $935,775. This high median value reflects the desirability of the area and the potential for significant property appreciation over time.
- Renters make up 25.4% of the housing market in this ZIP code. While this percentage indicates a substantial owner-occupied population, it also points to a notable demand for rental units, particularly among young professionals and families.
- The median household income in ZIP 84108 is $120,854. This above-average income level supports higher rental rates and suggests a stable tenant base capable of meeting their financial obligations.
- The Days on Market (DOM) for rental listings is not available. However, given the strong rental market and high income levels, it is likely that rental properties in this area are occupied quickly once they become available.
In summary, ZIP 84108 presents a favorable investment opportunity for landlords and small-portfolio investors. The significant gap between the Fair Market Rent and the actual market rent indicates a strong rental market. High median home values and incomes suggest a stable and affluent tenant pool, while the relatively high renter share signals ongoing demand for rental properties. Despite the lack of specific DOM data, the overall economic health and desirability of the area support quick turnover and occupancy of rental units.
Data Sources: FMR data from HUD (2027). 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.