Location: Millard County, UT | Metro: Millard County, UT
| Unit Size | Monthly FMR |
|---|---|
| Studio | $820 |
| 1 Bedroom | $840 |
| 2 Bedrooms | $1,100 |
| 3 Bedrooms | $1,520 |
| 4 Bedrooms | $1,580 |
| 5 Bedrooms | $1,833 |
| 6 Bedrooms | $2,053 |
| 7 Bedrooms | $2,217 |
| 8 Bedrooms | $2,328 |
U.S. Census Bureau data (2024)
The median income in ZIP code 84635 stands at $82,813, while the market rate for rent is $1,074 according to the latest Census ACS data. This means that a significant portion of the population may struggle to find affordable housing without financial assistance. The Family Monthly Income (FMI) figure used to determine rental assistance payments under the Section 8 program is set at $1,130 for fiscal year 2026, which is notably higher than the current market rate.
Given that 35.5% of the 938 residents are renters, the affordability gap is a critical issue. Many households might find it challenging to pay the market rate of $1,074 without help, especially when considering other living expenses and financial obligations. This scenario creates a competitive environment for landlords, as they must balance their rental pricing with the ability to attract tenants who can afford the rent.
The discrepancy between the FMI standard ($1,130) and the actual market rate ($1,074) suggests that landlords could benefit from accepting Section 8 vouchers. While the voucher payment is slightly above the market rate, it ensures a steady and reliable stream of income, as well as a lower risk of vacancy. Accepting vouchers also opens up the property to a wider pool of potential tenants, including those who might otherwise be priced out of the market.
However, landlords should weigh the benefits against the administrative requirements and potential delays associated with voucher programs. For those who prefer the simplicity and immediate cash flow of traditional cash-paying tenants, the current market rate provides a solid benchmark for setting rents. Yet, with the affordability gap and high percentage of renters, landlords might consider a mixed strategy—accepting both voucher and cash-paying tenants—to maximize occupancy and revenue.
In summary, landlords in ZIP 84635 should consider the advantages of accepting Section 8 vouchers given the local economic conditions and the higher standard set by the FMI. This approach can mitigate the risks of vacancy and provide a stable tenant base, even if it means slightly higher rent compared to the market rate. Alternatively, maintaining rents closer to the market rate can attract cash-paying tenants but requires careful management to ensure affordability and occupancy rates.
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.