Location: Box Elder County, UT | Metro: Box Elder County, UT
| Unit Size | Monthly FMR |
|---|---|
| Studio | $710 |
| 1 Bedroom | $890 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,410 |
| 4 Bedrooms | $1,700 |
| 5 Bedrooms | $1,972 |
| 6 Bedrooms | $2,209 |
| 7 Bedrooms | $2,386 |
| 8 Bedrooms | $2,505 |
U.S. Census Bureau data (2024)
The median income in ZIP code 84307 stands at $80,441, indicating a moderate economic profile for the area. The market rate for rent, according to Census ACS data, is $958 per month. This suggests that a significant portion of the population could find it challenging to afford market-rate rents without financial assistance.
In comparison, the Fair Market Rent (FMR) for the zip code in fiscal year 2024 is set at $1130. This means that the government considers $1130 to be a reasonable rent amount for the area, which is notably higher than the current market rate of $958. For households relying on Section 8 vouchers, the $1130 payment standard offers a bit more leeway in finding affordable housing options.
With only 18.8% of the 1,356 population being renters, the competition among landlords is relatively low. However, the affordability gap between the median income and the rent market rate ($958) versus the FMR ($1130) highlights a potential challenge for landlords seeking to maximize their rental income while remaining attractive to tenants. Landlords must consider whether they can maintain occupancy rates at the higher FMR level or if they need to adjust their rents closer to the market rate to attract more tenants.
The takeaway for landlords is that focusing on a mix of both voucher and cash-paying tenants could be a prudent strategy. By accepting vouchers up to the $1130 FMR, landlords can tap into a government-backed income stream that helps ensure consistent payments. At the same time, maintaining some units at the lower market rate of $958 can help attract cash-paying tenants who might otherwise struggle to find affordable housing in the area.
This balanced approach allows landlords to navigate the economic landscape of ZIP 84307 effectively, ensuring steady occupancy and income streams. It also aligns with the reality that many local households may require financial assistance to meet their housing needs.
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.