Location: Millard County, UT | Metro: Millard County, UT
| Unit Size | Monthly FMR |
|---|---|
| Studio | $760 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $1,020 |
| 3 Bedrooms | $1,410 |
| 4 Bedrooms | $1,470 |
| 5 Bedrooms | $1,705 |
| 6 Bedrooms | $1,910 |
| 7 Bedrooms | $2,063 |
| 8 Bedrooms | $2,166 |
U.S. Census Bureau data (2024)
The ZIP code 84631 profiles as a modestly renter-heavy area, with 22.6% of its 3,196 residents being renters. This indicates a moderate demand for rental properties, but it's not an overwhelmingly renter-dominated market.
Median household income in the area stands at $67,115. The market rent of $775 per month represents approximately 14% of the median income. This suggests that while rent is a significant expense, it remains manageable for most households.
Comparing the market rent to the Fair Market Rent (FMR) figure of $970, which is set for FY 2026 in the metro area, reveals that the market rent in 84631 is below the FMR. This discrepancy could imply that there might be some scarcity of vouchers in the area, as the FMR aims to reflect the higher end of reasonable rents.
In terms of tenant profile, landlords in 84631 can expect tenants who are likely to be financially stable enough to afford the market rent without relying heavily on subsidies. However, those who do qualify for Section 8 vouchers will find the market rent comfortably below the FMR limit, making it easier for them to secure housing within their budget.
Given these factors, 84631 is a viable option for landlords looking to attract a mix of subsidized and unsubsidized tenants. The lower-than-FMR market rent suggests that landlords can potentially serve both groups effectively, though they may need to adjust expectations regarding the prevalence of Section 8 vouchers in their tenant pool.
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.