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 analysis for Section 8 real estate in ZIP code 84639, Levan, UT, reveals a significant gap between the Fair Market Rent (FMR) and the actual market rent. The FMR for ZIP 84639 in fiscal year 2024 is set at $1050. However, the latest available market rent data is not provided, indicating that the FMR is higher than the current market rate.
This situation makes ZIP 84639 a prime location for landlords and small-portfolio investors who wish to capitalize on the yield potential of voucher tenants. The gap between the FMR and the market rent suggests that voucher tenants can pay up to $1050 per month, which is above the current market rate. This difference translates into a higher net income for landlords, as they can charge the FMR without significantly exceeding the market price.
The median household income in ZIP 84639 is $83,802, providing a strong economic foundation for the area. Despite the lack of specific median home value data, the average home value stands at $372,600, indicating a relatively stable housing market. With only 5.5% of residents being renters, the demand for rental properties is lower compared to owner-occupied homes, but the presence of Section 8 vouchers can still create an attractive opportunity for those willing to participate in the program.
Investing in Section 8 properties in ZIP 84639 ensures a steady stream of tenants and income, mitigating risks associated with vacancy and default. Voucher tenants provide a guaranteed source of payment, reducing the financial burden of finding new tenants and ensuring consistent cash flow.
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.