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 ZIP code 84158 in Unknown, UT presents several potential risks for landlords considering Section 8 investments. Firstly, tenant turnover can be a significant issue when comparing the market rent to the Federal Market Rent (FMR) of $1610 for FY 2024. If the local market rent is below this figure, landlords might face higher turnover rates as tenants seek more affordable options outside of the voucher program.
Vacancy exposure is another concern. With the average days on market (DOM) being unavailable, it's difficult to predict how long properties might remain vacant between tenants. This uncertainty can lead to financial strain, as landlords rely on consistent rental income to cover mortgage payments, property taxes, and maintenance costs.
Deferred maintenance exposure is also a critical factor. The typical home value and median income figures for ZIP 84158 are currently unavailable. However, if the median income is significantly lower than the FMR, landlords may find themselves dealing with properties that have deferred maintenance issues, which can be costly to address. Tenants receiving rental assistance through Section 8 vouchers often have limited funds available for maintaining their homes.
On the other hand, the high percentage of renters in ZIP 84158 increases the likelihood of strong demand for Section 8 vouchers. A high renter share typically indicates a robust market for subsidized housing, which can provide stability and a steady stream of qualified tenants. Despite the risks, the presence of many renters suggests that there will be a sufficient number of voucher holders interested in securing housing within this area.
Verdict: Moderate risk for a first-time Section 8 landlord in ZIP 84158.
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.