Location: Salt Lake City, UT | Metro: Salt Lake City, UT HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,210 |
| 1 Bedroom | $1,350 |
| 2 Bedrooms | $1,620 |
| 3 Bedrooms | $2,150 |
| 4 Bedrooms | $2,450 |
| 5 Bedrooms | $2,842 |
| 6 Bedrooms | $3,183 |
| 7 Bedrooms | $3,438 |
| 8 Bedrooms | $3,610 |
The Fair Market Rent (FMR) for ZIP code 84127 in Utah for fiscal year 2024 is set at $1610. This figure represents the payment standard for Section 8 housing vouchers in your area, meaning that if you participate in the program, you will receive this amount per month from the government for each tenant who uses a voucher. It's important to note that this is not the rent you should charge tenants; it's the maximum reimbursement rate for those using vouchers.
To put this into perspective, the local median rent in ZIP 84127 is currently listed as N/A. While we don't have exact figures for comparison, understanding the FMR can help guide your expectations on rental income from voucher holders. The percentage of renters in this ZIP code who might benefit from such programs is also listed as N/A%, which suggests that there is demand for affordable housing options, but the exact number is unknown.
When acquiring a property for a Section 8 rental, you might find that the typical price is N/A. This information can be used to gauge the potential return on investment and whether the FMR of $1610 is sufficient to cover your mortgage and other expenses.
Before you decide to pull the trigger on your first Section 8 rental, verify that your property meets all the necessary standards and criteria set by the housing authority. This includes ensuring the unit is safe, decent, and sanitary, as well as confirming that the rent is reasonable compared to similar units in the area. Once these conditions are met, you can confidently proceed with the application process, knowing that you'll receive a steady, government-backed income of $1610 per month for each voucher holder tenant.
Data Sources: FMR data from HUD (2027).
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.