Location: Emery County, UT | Metro: Emery County, UT
| Unit Size | Monthly FMR |
|---|---|
| Studio | $760 |
| 1 Bedroom | $930 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,330 |
| 4 Bedrooms | $1,690 |
| 5 Bedrooms | $1,960 |
| 6 Bedrooms | $2,195 |
| 7 Bedrooms | $2,371 |
| 8 Bedrooms | $2,490 |
U.S. Census Bureau data (2024)
A skeptical investor considering ZIP 84522 might question whether the Fair Market Rent (FMR) of $970 for the metro area in fiscal year 2026 will sufficiently cover the mortgage on a typical home. According to recent data, the median home value in 84522 is approximately $128,100. While this figure is significantly lower than the national average, it's important to note that the mortgage payment will depend on interest rates and the terms of the loan. If the investor secures a favorable mortgage rate, the FMR should adequately cover the monthly mortgage payments.
The investor might also be concerned about the level of renter demand in the area. With only 22.4% of the housing units being rented, it could seem challenging to find tenants. However, the majority of rentals in 84522 are for properties with 3+ bedrooms, which typically have a higher occupancy rate due to family needs. This suggests that there is a niche market for multi-bedroom rentals, and the demand is likely sufficient for these types of properties.
A final objection could be whether housing vouchers will keep pace with the local market rents. Unfortunately, specific data regarding voucher usage in ZIP 84522 is not readily available. However, it's worth noting that the overall median home value is relatively low, which implies that the cost of living in the area is also lower. This could mean that even if vouchers do not fully cover the FMR, they might still provide a significant portion of the rent, making it feasible for voucher holders to afford housing.
In conclusion, while there are valid concerns about covering mortgage costs, renter demand, and voucher adequacy, the data suggests that these issues can be managed effectively. The low median home value makes it easier to secure a property with a manageable mortgage, and the specific demand for multi-bedroom rentals ensures a steady stream of potential tenants. Despite the lack of detailed voucher data, the general affordability of the area supports the viability of investing in ZIP 84522.
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.