Location: Box Elder County, UT | Metro: Box Elder County, UT
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $830 |
| 1 Bedroom | $1,020 |
| 2 Bedrooms | $1,180 |
| 3 Bedrooms | $1,630 |
| 4 Bedrooms | $1,970 |
| 5 Bedrooms | $2,285 |
| 6 Bedrooms | $2,559 |
| 7 Bedrooms | $2,764 |
| 8 Bedrooms | $2,902 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,630 | $384,894 | 0.42% | F |
| 4BR | $1,970 | $453,239 | 0.43% | F |
U.S. Census Bureau data (2024)
In ZIP code 84337, there are several notable risks for first-time Section 8 landlords. The primary concern is tenant turnover, which is likely due to the significant gap between the market rent of $1,408 and the Fair Market Rent (FMR) of $970 for FY 2024. This discrepancy can lead to frequent changes in occupancy, causing instability and increased management costs.
Vacancy exposure is another critical issue, especially considering the average Days on Market (DOM) stands at 47 days. This relatively long period before securing a new tenant increases the likelihood of prolonged vacancies, impacting cash flow negatively.
The deferred-maintenance exposure is also substantial. With a typical home value of $443,220 and a median income of $81,683, property owners must be prepared to handle maintenance requests promptly and efficiently. Section 8 tenants often require more maintenance attention due to the lower income levels and the nature of subsidized housing, which can strain resources and budgets.
However, these risks are mitigated by the high renter share of 26.1%. A large proportion of renters in the area generally indicates higher demand for rental properties, including those that accept Section 8 vouchers. This demand can stabilize occupancy rates and provide a steady stream of potential tenants.
Verdict: Moderate risk for a first-time Section 8 landlord.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.