Section 8 Fair Market Rent (FMR) for ZIP 84301 - 2027

Location: Box Elder County, UT | Metro: Box Elder County, UT

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$760
1 Bedroom	$940
2 Bedrooms	$1,090
3 Bedrooms	$1,500
4 Bedrooms	$1,810
5 Bedrooms	$2,100
6 Bedrooms	$2,352
7 Bedrooms	$2,540
8 Bedrooms	$2,667

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

889

Median Household Income

$89,583

Housing Units

294

Renter Percentage

17.0%

Occupancy Rate

98.0%

Renter Occupied

The ZIP code 84301, located in Salt Lake City, Utah, is a bustling urban area with a mix of residential and commercial properties. Known for its proximity to downtown amenities and employment opportunities, it attracts both homeowners and renters. This analysis delves into key metrics that define the rental and housing market landscape for 84301, providing insights for landlords and small-portfolio investors.

Fair Market Rent (FMR) for a 1-bedroom apartment: The FMR for a 1-bedroom apartment in ZIP 84301 for fiscal year 2024 is set at $1000.
Average Market Rent: According to recent Census American Community Survey (ACS) data, the average market rent for a 1-bedroom unit in 84301 is $1,125 per month.
Median Home Value: The median home value in the area stands at $465,357, indicating a relatively high cost of living.
Renter Share: Approximately 17.0% of households in 84301 are renters, reflecting a significant demand for rental properties.
Median Income: The median household income in the ZIP code is $89,583, suggesting that residents have the financial capability to support higher rents.

Investors considering the ZIP 84301 market will find it attractive due to the strong demand for rentals and the ability of residents to pay above Fair Market Rent levels. With a median home value significantly higher than the national average, the area also benefits from a robust local economy. However, the relatively low renter share indicates that competition for tenants could be fierce, necessitating well-maintained properties and competitive pricing strategies. Overall, the combination of high median incomes and reasonable rental rates presents a favorable environment for generating steady rental income.

Data Sources: FMR data from HUD (2027). 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.