Location: Box Elder County, UT | Metro: Box Elder County, UT
| Unit Size | Monthly FMR |
|---|---|
| Studio | $770 |
| 1 Bedroom | $950 |
| 2 Bedrooms | $1,100 |
| 3 Bedrooms | $1,520 |
| 4 Bedrooms | $1,840 |
| 5 Bedrooms | $2,134 |
| 6 Bedrooms | $2,390 |
| 7 Bedrooms | $2,581 |
| 8 Bedrooms | $2,710 |
U.S. Census Bureau data (2024)
The Section 8 analysis for ZIP code 84329 centers around the disparity between the Fair Market Rent (FMR) and the actual market rent. As of the fiscal year 2024, the FMR is set at $970. However, the market rent data is currently unavailable, which complicates the direct comparison needed for a precise analysis.
In the absence of specific market rent figures, we can still derive insights from the existing data. With 40.4% of residents being renters, it indicates a significant portion of the population relies on rental properties. This high percentage of renters suggests a strong demand for affordable housing options, which makes Section 8 vouchers particularly relevant.
The FMR serves as a benchmark for the maximum amount that a voucher holder can pay towards their rent. When the FMR exceeds the market rent, it often signifies an opportunity for landlords and small-portfolio investors to attract voucher tenants. These tenants provide a guaranteed, government-backed source of income, which can enhance the property's yield. In other words, if the actual market rent were lower than $970, landlords could potentially charge closer to the FMR, thereby increasing their revenue per unit.
Conversely, if the market rent is higher than the FMR, landlords who accept Section 8 voucher tenants may have to operate at below-market rates. This scenario would mean they are subsidizing the difference between what the voucher covers ($970) and what the market demands. The cost of housing voucher tenants below open-market rates can be substantial, depending on how much higher the market rents are compared to the FMR. For instance, if the market rent were $1,200, landlords accepting Section 8 tenants would receive only $970, a shortfall of $230 per month, or approximately 19.2% below the market rate.
The lack of median home value and median income data for ZIP 84329 limits our ability to fully contextualize the impact of this gap on the local economy. Nonetheless, the high percentage of renters points to a need for affordable housing solutions, making Section 8 a critical component for both tenants seeking stable housing and landlords looking for reliable income sources.
To conclude, while the exact market rent remains unknown, the FMR of $970 in ZIP 84329 provides a clear guideline for landlords considering Section 8 tenants. Whether this represents an above-market or below-market rate will depend on the actual market conditions, but the potential benefits and costs are evident based on the given FMR figure.
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.