Section 8 Fair Market Rent (FMR) for ZIP 84117 - 2027

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

Investment Score for ZIP 84117

Monthly Rent (2BR)

$1,750

Median Price (2BR)

$360,972

1% Rule

0.48%

Annual Yield

5.82%

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	$1,300
1 Bedroom	$1,460
2 Bedrooms	$1,750
3 Bedrooms	$2,340
4 Bedrooms	$2,670
5 Bedrooms	$3,097
6 Bedrooms	$3,469
7 Bedrooms	$3,747
8 Bedrooms	$3,934

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	$1,460	$223,890	0.65%	D
2BR	$1,750	$360,972	0.48%	F
3BR	$2,340	$654,047	0.36%	F
4BR	$2,670	$848,273	0.31%	F
5BR	$3,097	$1,130,408	0.27%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

24,980

Median Household Income

$87,813

Housing Units

11,345

Renter Percentage

33.7%

Occupancy Rate

94.3%

Renter Occupied

3,610

The economics of Section 8 in ZIP 84117, located in Holladay, UT, Salt Lake County, revolve around the $1720 SAFMR (Section 8 Area Fair Market Rent) for a two-bedroom apartment during fiscal year 2024. This SAFMR is specifically set for this ZIP code, ensuring it reflects the local rental market conditions accurately.

Local market rents, as indicated by ZORI (Zillow Observed Rent Index), stand at $1,523 for a similar two-bedroom unit. This suggests that the SAFMR is higher than the average market rent, providing a financial cushion for landlords participating in the program.

A landlord's actual reimbursement from a Section 8 voucher is calculated based on the SAFMR and includes several components:

Tenant Portion: Tenants typically pay 30% of their adjusted income towards rent. For example, if a tenant's adjusted income is $1,500 per month, they would pay $450 towards rent.
Voucher Payment: The housing authority covers the difference between the tenant’s payment and the SAFMR. In the case of a $1720 SAFMR, the housing authority would pay the remaining $1270 to the landlord.
Utility Allowances: These vary but generally provide additional funds to cover utilities. For ZIP 84117, the utility allowance for a two-bedroom unit might be around $100-$150 per month, depending on the specifics of the voucher and the tenant's needs.

In summary, a landlord can expect to receive a total of $1370-$1420 per month from the housing authority for a two-bedroom unit in ZIP 84117, which includes the voucher payment and utility allowances. Given the local market rent of $1,523, this results in a surplus for the landlord, as the SAFMR exceeds the average market rent. The typical reimbursement gap or surplus in this scenario is a positive surplus of $197-$253 per month, meaning landlords can potentially charge slightly above the market rent and still be fully compensated by the combination of tenant payments and voucher reimbursements.

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.