Section 8 Fair Market Rent (FMR) for ZIP 84401 - 2027

Investment Score for ZIP 84401

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,190
1 Bedroom	$1,260
2 Bedrooms	$1,600
3 Bedrooms	$2,140
4 Bedrooms	$2,560
5 Bedrooms	$2,970
6 Bedrooms	$3,326
7 Bedrooms	$3,592
8 Bedrooms	$3,772

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
1BR	$1,260	$265,851	0.47%	F
2BR	$1,600	$326,966	0.49%	F
3BR	$2,140	$406,087	0.53%	F
4BR	$2,560	$505,019	0.51%	F
5BR	$2,970	$704,722	0.42%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 84401 (Ogden, UT) #### Section 8 Voucher Dynamics The Fair Market Rent (FMR) for ZIP code 84401 in Ogden, UT, is set by HUD for 2026 as follows: - 0BR: $1210 - 1BR: $1280 - 2BR: $1610 - 3BR: $2160 - 4BR: $2610 These figures represent the maximum amount that a Section 8 voucher holder can pay for rent based on the number of bedrooms required. However, the actual rents in the area are significantly higher. For instance, the Zillow median price for a 2BR property is $330,884, which translates to a monthly mortgage payment of approximately $1,710 assuming a 4.5% interest rate and a 30-year fixed mortgage. This means that the actual rent for a 2BR unit would likely be around $1,710, far exceeding the $1,610 FMR limit. This discrepancy creates significant constraints for voucher holders. They must find properties where landlords accept Section 8 vouchers and where the rent does not exceed the FMR limits. Given that the occupancy rate is 92.8%, there is limited availability of rental units, making it even harder for voucher holders to secure housing. #### Affordability & Renter Profile ZIP code 84401 has a population of 48,303, with 40.8% being renters. The median household income is $80,758, indicating a moderate-income community. A 2BR unit priced at $1,610 represents 23.9% of the median income, which is relatively affordable for many residents. However, the high price-to-FMR ratio of 17.1x suggests that the actual rental market is much more expensive than the FMR. Given the high occupancy rate and the percentage of renters, the market appears to be tight. There is a strong demand for rental properties, but the supply is constrained, leading to higher rents. This makes it challenging for low-income households to find affordable housing, especially those relying on Section 8 vouchers. #### Investor Angle From an investor perspective, the ZIP code 84401 presents a mixed picture. The FMR for a 2BR unit is $1,610, but the actual rent in the market is likely closer to $1,710 based on the Zillow median price. This means that if an investor were to purchase a 2BR unit at the median price, they would need to charge close to the actual market rent to achieve positive cash flow. However, the challenge lies in finding landlords willing to accept Section 8 vouchers. The high price-to-FMR ratio indicates that the market is not aligned with the FMR, suggesting that landlords might prefer market-rate tenants who can afford higher rents. This could limit the pool of potential tenants for an investor focusing solely on Section 8 vouchers. In terms of investment grade, the ZIP code 84401 is moderately attractive due to the high occupancy rate and the strong demand for rentals. However, the difficulty in securing tenants who can only pay up to the FMR limits the profitability for investors targeting this demographic. #### Specific Actionable Insights 1. **Focus on Properties Below FMR**: Investors should consider purchasing properties that are below the FMR to ensure they can attract Section 8 voucher holders. For example, a 2BR unit priced at $1,500 per month would be more likely to secure a tenant with a voucher. 2. **Consider Multi-Family Units**: Since the FMR for larger units (like 3BR and 4BR) is higher, multi-family units might offer better opportunities for positive cash flow. For instance, a 3BR unit priced at $2,000 per month would still be within the FMR limit and could potentially attract families with multiple children. 3. **Engage with Local Housing Authorities**: Building relationships with local housing authorities can help investors understand the dynamics of the Section 8 program and identify areas where there is a higher concentration of voucher holders. This can increase the likelihood of finding tenants who can use their vouchers effectively. #### Bottom Line For investors focused specifically on Section 8 vouchers, the ZIP code 84401 presents a challenging environment due to the high price-to-FMR ratio and the tight rental market. While the occupancy rate is high, indicating strong demand, the actual rents far exceed the FMR limits, making it difficult to achieve positive cash flow while adhering to voucher requirements. **Recommendation**: Skip. The mismatch between FMR and actual market rents makes it unlikely that investors will find enough Section 8 voucher holders to fill their properties profitably. Instead, investors might want to look at other ZIP codes with a lower price-to-FMR ratio or consider a broader rental strategy that includes market-rate tenants.

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.