Section 8 Fair Market Rent (FMR) for ZIP 84119 - 2027

Investment Score for ZIP 84119

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	$1,140
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

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
2BR	$1,580	$323,442	0.49%	F
3BR	$2,100	$416,298	0.5%	F
4BR	$2,400	$474,677	0.51%	F
5BR	$2,784	$515,797	0.54%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 84119 (West Valley City, UT) #### Section 8 Voucher Dynamics The Fair Market Rent (FMR) for ZIP code 84119 in 2026 is set at $1610 for a two-bedroom unit. This amount represents 27.1% of the median household income of $71,378. However, the actual rent for a two-bedroom unit in this area is significantly higher, with the Zillow median price being $321,489. The price-to-FMR ratio is 16.6x, indicating that the actual market rents are much higher than the FMR set by HUD. For Section 8 voucher holders, this means that they will likely face significant challenges in finding rental properties that accept their vouchers and fall within the FMR limits. Given the high market rents, landlords who accept Section 8 vouchers may be limited in their ability to cover costs, especially if they have units priced above the FMR. #### Affordability & Renter Profile ZIP code 84119 has a population of 50,070, with 43.2% of residents being renters. This suggests a substantial demand for rental housing in the area. The occupancy rate of 93.2% indicates that the market is relatively tight, with most available units being occupied. The median household income of $71,378 suggests that many residents are middle-class workers. However, the high price-to-FMR ratio implies that the cost of renting is not aligned with the affordability standards set by HUD. This misalignment could lead to a situation where low-income renters struggle to find affordable housing, even with Section 8 assistance. #### Investor Angle From an investor perspective, the ZIP code 84119 presents a mixed picture when considering cash flow and investment grade. The FMR for a two-bedroom unit is $1610, which is significantly lower than the market rent. If an investor were to purchase a property at the Zillow median price of $321,489 and rent it out at the FMR, they would likely face negative cash flow due to the high price-to-FMR ratio of 16.6x. This ratio suggests that the market rents are far above what HUD considers fair, making it difficult for investors to achieve positive cash flow while adhering to FMR guidelines. #### Specific Actionable Insights 1. **Focus on Smaller Units**: Investors should consider focusing on smaller units such as one-bedroom or studio apartments. The FMR for these units is $1340 and $1160 respectively, which might be closer to the actual market rents for these types of units. This approach can help mitigate the risk of negative cash flow. 2. **Seek Government Subsidies**: Given the high market rents, investors might want to explore additional government subsidies beyond Section 8 vouchers. Programs like Low-Income Housing Tax Credits (LIHTC) or other local incentives could provide additional revenue streams to offset the gap between market rents and FMR. #### Bottom Line For investors focused specifically on Section 8 vouchers, the ZIP code 84119 is a challenging market due to the high price-to-FMR ratio and tight occupancy rates. The recommendation for this ZIP code is to **Skip** investing in properties intended solely for Section 8 tenants unless they can secure additional subsidies or focus on smaller units where the FMR is closer to market rents. The mismatch between FMR and actual market rents makes it difficult to achieve positive cash flow while complying with HUD regulations.

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.