Location: Logan, UT | Metro: Logan, UT-ID MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $930 |
| 1 Bedroom | $940 |
| 2 Bedrooms | $1,220 |
| 3 Bedrooms | $1,690 |
| 4 Bedrooms | $2,040 |
| 5 Bedrooms | $2,366 |
| 6 Bedrooms | $2,650 |
| 7 Bedrooms | $2,862 |
| 8 Bedrooms | $3,005 |
U.S. Census Bureau data (2024)
The Section 8 analysis for ZIP code 84304 is based on the disparity between the Fair Market Rent (FMR) and the actual market rent. For fiscal year 2024, the FMR for ZIP 84304 is set at $1000. However, the current market rent data is unavailable, which complicates the direct comparison typically required for such an analysis.
In the absence of market rent figures, we must rely on the FMR as a benchmark for evaluating the viability of accepting Section 8 tenants. The FMR is established by the U.S. Department of Housing and Urban Development (HUD) to reflect the rental market conditions in a given area. It serves as the maximum amount that landlords can charge for Section 8 vouchers.
Given that the FMR is $1000 and assuming it is higher than the actual market rent, accepting Section 8 tenants would be a strategic move for landlords aiming to maximize their yield. The reason is simple: voucher holders can pay up to $1000 per month, potentially more than what the open market would offer. This scenario creates an opportunity for landlords to leverage the guaranteed income from the government-backed vouchers while still maintaining a competitive edge over other rental properties in the area.
If, however, the actual market rent exceeds the FMR, landlords who accept Section 8 tenants might face a shortfall. For instance, if the market rent is $1200, landlords would have to absorb the difference between the $1000 paid by the voucher program and the market rate. This represents a loss of $200 per unit, or a 16.7% discount off the market rate. Such a scenario can impact profitability and should be carefully considered.
The ZIP 84304 context provides additional insights into the potential demand for rental properties. With 0.0% of residents identified as renters, it indicates a predominantly owner-occupied area, suggesting low competition from other rental units. The median home value and median income figures are also missing, which typically help gauge the economic health of the area and the ability of residents to afford higher rents.
To summarize, the key figure in the Section 8 analysis for ZIP 84304 is the FMR of $1000. Without current market rent data, it's challenging to provide a precise percentage gap. However, the implications are clear: if the FMR surpasses the market rent, Section 8 can be a lucrative option; if the FMR falls short, landlords need to weigh the benefits of stable, government-backed income against the financial loss incurred.
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.