Location: Salt Lake City, UT | Metro: Ogden, UT MSA
| 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 |
U.S. Census Bureau data (2024)
Salt Lake City's ZIP code 84116 stands out within Salt Lake County due to its unique demographic and economic characteristics. With a population of 38,625 residents, it has a significant rental market, with 49.1% of its residents renting their homes. The median income in this area is $66,751, which is relatively high compared to the national average. Additionally, the median home value is $452,022, indicating a robust real estate market.
The voucher economics in ZIP 84116 present a favorable scenario for landlords and small-portfolio investors. The Fair Market Rent (FMR) for the fiscal year 2024 is set at $1,410, while the market rent, measured by the Zillow Observed Rent Index (ZORI), is currently at $1,278. This means that landlords can potentially charge higher rents through Section 8 vouchers, thereby increasing their revenue. The difference between the FMR and the market rent suggests a strong demand for subsidized housing in the area, making it an attractive investment opportunity.
Evaluating the data signature of ZIP 84116, it reads as stable. The high median income supports a steady rental market, and the substantial number of renters indicates consistent demand for rental properties. Furthermore, the median home value points towards a healthy real estate sector, likely to maintain its value over time. While the voucher economics offer an additional layer of profitability, the overall stability of the area provides a secure foundation for long-term investments.
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.