Location: Provo-Orem-Lehi, UT | Metro: Provo-Orem-Lehi, UT MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,190 |
| 1 Bedroom | $1,200 |
| 2 Bedrooms | $1,370 |
| 3 Bedrooms | $1,900 |
| 4 Bedrooms | $2,290 |
| 5 Bedrooms | $2,656 |
| 6 Bedrooms | $2,975 |
| 7 Bedrooms | $3,213 |
| 8 Bedrooms | $3,374 |
The ZIP code 84603, located in the Provo-Orem-Lehi area of Utah, presents unique challenges and opportunities for landlords and small-portfolio investors. Due to the lack of specific demographic data such as resident count, rental percentage, median income, and median home value, it's important to focus on the available economic indicators related to housing assistance.
In terms of voucher economics, the Fair Market Rent (FMR) for ZIP 84603 in fiscal year 2024 is set at $1260. This figure represents the maximum amount that the U.S. Department of Housing and Urban Development (HUD) will pay landlords through the Section 8 program for eligible units. Without specific market rent data for comparison, the FMR serves as a benchmark for assessing the potential financial impact of renting to tenants with vouchers.
The stability of the ZIP 84603 real estate market cannot be definitively assessed due to the absence of key demographic and economic data points. However, the presence of the Section 8 program suggests a need for affordable housing options, which could indicate either a stable demand for subsidized rentals or a transitional period where the market adjusts to accommodate various income levels. For landlords and investors, understanding the local dynamics around housing affordability and tenant preferences is crucial for making informed decisions.
To conclude, while the data signature for ZIP 84603 reads as incomplete, the focus on Section 8 voucher economics provides insight into the financial considerations for landlords. With an FMR of $1260, there is a clear guideline for rental pricing to attract voucher holders. The overall market condition remains unclear, but the reliance on the Section 8 program points towards a mix of stability and potential transitional changes.
Data Sources: FMR data from HUD (2027).
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.