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 | $1,150 |
| 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 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,580 | $410,693 | 0.38% | F |
| 3BR | $2,100 | $471,627 | 0.45% | F |
| 4BR | $2,400 | $498,866 | 0.48% | F |
| 5BR | $2,784 | $548,089 | 0.51% | F |
U.S. Census Bureau data (2024)
Taylorsville, UT's ZIP code 84129 is a residential area with a total population of 37,442. It has a relatively low percentage of renters at 20.4%, indicating that homeownership is predominant. The median household income in this area is $95,844, which suggests a middle to upper-middle-class community. Median home values are quite high at $493,866, reflecting the established nature of the neighborhood.
The rent economics in ZIP 84129 are noteworthy. According to the Fair Market Rent (FMR) set by the U.S. Department of Housing and Urban Development for the fiscal year 2024, the average rent for a unit in this ZIP code is $1,610. In contrast, the Zillow Observed Rent Index (ZORI), which measures actual rents paid, shows a higher market rent of $1,983. This discrepancy highlights the potential for landlords to charge above the government-subsidized rates, especially if they offer properties with amenities or upgrades that attract higher-paying tenants.
Given these figures, ZIP 84129 may be better suited for a hands-on value-add buyer rather than a hands-off voucher operator. The higher market rent compared to the FMR indicates that there is room for landlords to improve their properties and command rents above the subsidized level. For those interested in maximizing returns, focusing on property improvements and targeting tenants willing to pay more than the voucher amount could be a profitable strategy. However, for those who prefer a less active role in property management, relying solely on Section 8 vouchers might still provide a stable, albeit lower, rental income.
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.