Location: Box Elder County, UT | Metro: Box Elder County, UT
| Unit Size | Monthly FMR |
|---|---|
| Studio | $840 |
| 1 Bedroom | $1,040 |
| 2 Bedrooms | $1,200 |
| 3 Bedrooms | $1,660 |
| 4 Bedrooms | $2,010 |
| 5 Bedrooms | $2,332 |
| 6 Bedrooms | $2,612 |
| 7 Bedrooms | $2,821 |
| 8 Bedrooms | $2,962 |
U.S. Census Bureau data (2024)
The ZIP code 84314 has a population of 964 individuals, with 15.2% being renters. This indicates that it is primarily a homeowner-dominated area rather than a renter-heavy zone. The median household income stands at $87,578, which provides a strong basis for understanding the economic landscape of potential tenants.
A typical market rent in this area is $1,325 per month. To put this into perspective, the rent consumes approximately 15.1% of the median household income when calculated annually. This figure suggests that while rents are not excessively high relative to income, they still represent a significant portion of monthly earnings, indicating that affordability could be a concern for some tenants.
Comparing the market rent to the Fair Market Rent (FMR), which is set at $1,010 for fiscal year 2024, reveals that the market rent exceeds the FMR by about 31.2%. This discrepancy means that tenants relying solely on Section 8 vouchers may struggle to find housing that meets their needs without additional financial support. Landlords should be prepared to negotiate or consider supplementary payment options to attract and retain tenants who qualify for these vouchers.
In terms of tenant profiles, landlords in ZIP 84314 can expect a mix of low-income families and individuals who require assistance to meet housing costs. These tenants will likely have a keen interest in finding affordable living spaces and may prioritize areas with lower overall living expenses. It's important for landlords to understand that while the demand for Section 8 vouchers exists, the supply may be limited due to the higher-than-average market rents. Therefore, properties that align closely with the FMR or offer flexible payment plans may have an advantage in attracting this demographic.
To conclude, while 84314 is not predominantly a renter-heavy ZIP, there is still a niche market for Section 8 tenants. However, landlords must be aware of the challenges posed by the disparity between market rents and FMRs, and be prepared to adapt their offerings to meet the needs of this specific tenant pool.
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.