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 | $1,300 |
| 1 Bedroom | $1,470 |
| 2 Bedrooms | $1,770 |
| 3 Bedrooms | $2,360 |
| 4 Bedrooms | $2,700 |
| 5 Bedrooms | $3,132 |
| 6 Bedrooms | $3,508 |
| 7 Bedrooms | $3,789 |
| 8 Bedrooms | $3,978 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,470 | $400,275 | 0.37% | F |
| 2BR | $1,770 | $572,337 | 0.31% | F |
| 3BR | $2,360 | $740,844 | 0.32% | F |
| 4BR | $2,700 | $841,808 | 0.32% | F |
| 5BR | $3,132 | $1,023,243 | 0.31% | F |
U.S. Census Bureau data (2024)
The real estate market in ZIP 84109, Millcreek, UT, signals a robust environment for landlords and small-portfolio investors. The median home value stands at $812,103, indicating a high-value residential area. With only 0.2% of listings being reduced, it's clear that sellers maintain significant pricing power. This is further reinforced by the median days on market (DOM) of 32 days, suggesting homes are selling quickly without needing price adjustments.
On the rental side, the Fair Market Rent (FMR) for ZIP 84109 in fiscal year 2024 is set at $1,860. However, the actual market rent, measured by Zillow's ZORI index, is $2,185. This gap between government estimates and real-world rents points to a strong demand for rental properties, allowing landlords to command higher rents than the FMR suggests.
The combination of quick sales, minimal price reductions, and a rental market where market rates exceed FMR supports the notion that long-term investors can expect steady appreciation in property values. The underlying fundamentals—such as low inventory, rapid sale times, and high rental demand—suggest that capital gains will continue to be a viable strategy for those holding properties over the next 12 to 24 months.
Moreover, the disparity between FMR and market rents indicates that rental income will remain competitive, providing a solid basis for cash flow projections. Investors should anticipate that the current trends will persist, leading to continued growth in both property values and rental income.
For those considering entry into the Millcreek market, the data implies a favorable landscape where properties can be acquired at stable values and rented out profitably. The setup favors those who can capitalize on the existing market conditions, ensuring that their investments will be well-positioned for future growth.
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.