Location: Provo-Orem-Lehi, UT | Metro: Provo-Orem-Lehi, UT MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,140 |
| 1 Bedroom | $1,140 |
| 2 Bedrooms | $1,320 |
| 3 Bedrooms | $1,830 |
| 4 Bedrooms | $2,210 |
| 5 Bedrooms | $2,564 |
| 6 Bedrooms | $2,872 |
| 7 Bedrooms | $3,102 |
| 8 Bedrooms | $3,257 |
U.S. Census Bureau data (2024)
The ZIP code 84601, located in Provo, UT, stands out due to its unique demographic and economic characteristics. With a population of 32,330 residents, 51.9% of whom rent their homes, this area has a strong rental market. The median income in 84601 is $67,207, which is relatively modest compared to the median home value of $452,170, indicating that homeownership is less accessible to many residents.
In terms of Section 8 vouchers, the Fair Market Rent (FMR) for ZIP 84601 for fiscal year 2024 is set at $1,160. This is significantly lower than the market rent, as indicated by the ZORI (Zillow Rent Index), which stands at $1,466. This difference suggests that landlords in 84601 may find it challenging to cover their costs solely through Section 8 vouchers, as they do not fully align with the local market conditions.
The data signature for ZIP 84601 reads as stable. The high percentage of renters indicates a consistent demand for rental properties, while the median income and home values suggest a steady economic environment without rapid fluctuations. However, the disparity between the FMR and market rents signals a potential challenge for landlords who rely on Section 8 vouchers, as they may need to supplement their income or seek alternative solutions to maintain profitability.
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.