Section 8 Fair Market Rent (FMR) for ZIP 84340 - 2027

Location: Box Elder County, UT | Metro: Box Elder County, UT

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,160
1 Bedroom	$1,420
2 Bedrooms	$1,650
3 Bedrooms	$2,280
4 Bedrooms	$2,760
5 Bedrooms	$3,202
6 Bedrooms	$3,586
7 Bedrooms	$3,873
8 Bedrooms	$4,067

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

3,744

Median Household Income

$108,304

Housing Units

1,219

Renter Percentage

15.8%

Occupancy Rate

99.3%

Renter Occupied

191

The ZIP code 84340, located in Utah County, Utah, encompasses parts of Provo and other surrounding areas. This region is characterized by a mix of residential neighborhoods and proximity to educational institutions, particularly Brigham Young University. The area benefits from a diverse economy driven by education, healthcare, and technology sectors, making it attractive for both tenants and property investors.

Fair Market Rent (FMR): The Fair Market Rent for ZIP 84340 in fiscal year 2024 is set at $1130, which reflects the maximum amount HUD will pay for low-income housing rental assistance.
Market Rent: According to the Census American Community Survey, the average market rent for the area is $1,577, indicating a premium over the FMR that landlords can charge for quality units.
Median Home Value: The median home value in ZIP 84340 is $584,676, showing a relatively high value for homeownership in the area.
Renter Share: Approximately 15.8% of the population are renters, suggesting a moderate demand for rental properties.
Days on Market (DOM): Data for the days on market for rental listings is currently unavailable, but this metric would typically help gauge the speed at which properties are rented out.
Median Income: The median household income in the area is $108,304, providing insight into the economic strength and potential tenant affordability.

In summary, ZIP 84340 presents a balanced market with a fair level of demand for rental properties, supported by a strong local economy and a reasonable percentage of renters. Landlords and small-portfolio investors can expect to charge above the HUD Fair Market Rent, with the potential for higher returns due to the area's median income levels. However, the competition from homeownership, indicated by the high median home value, might limit the overall growth in rental demand. For those looking to invest in rental properties, focusing on quality and location can help achieve better occupancy rates and rental prices.

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.