Location: Millard County, UT | Metro: Millard County, UT
| Unit Size | Monthly FMR |
|---|---|
| Studio | $810 |
| 1 Bedroom | $830 |
| 2 Bedrooms | $1,080 |
| 3 Bedrooms | $1,500 |
| 4 Bedrooms | $1,550 |
| 5 Bedrooms | $1,798 |
| 6 Bedrooms | $2,014 |
| 7 Bedrooms | $2,175 |
| 8 Bedrooms | $2,284 |
U.S. Census Bureau data (2024)
The analysis of ZIP code 84640, located in Millard County, UT, reveals several key points for potential Section 8 landlords and small-portfolio investors.
The rent math does not work in favor of landlords here. The Fair Market Rent (FMR) for the metro area for fiscal year 2026 is set at $1,120. However, the market rent is listed as N/A, which suggests that either the local rental market is underdeveloped or there is insufficient data to provide an accurate comparison. In such cases, relying on the FMR can be risky as it may not reflect actual market conditions.
Acquisition of properties in this ZIP code is challenging due to limited data. The median home value is listed as N/A, indicating a lack of comprehensive real estate transaction records. Similarly, the days on market (DOM) and the percentage of homes sold with a price cut are also listed as N/A, making it difficult to assess the affordability and liquidity of property acquisitions in this area.
Tenant demand is another critical factor. With a total population of 124, the renter share stands at a mere 4.7%. This low percentage implies that there are only a few potential tenants available, which could make it hard to find occupants for any rental units. Additionally, the small population size suggests a limited pool of applicants, which might affect the ability to fill vacancies quickly.
Verdict: ZIP code 84640 presents significant challenges for Section 8 landlords and small-portfolio investors. The lack of reliable market rent data makes it difficult to ensure that the rent math works in your favor. Furthermore, the limited information on median home values, days on market, and price-cut shares complicates the assessment of property acquisition costs and feasibility. Lastly, the low renter share and small population size indicate a weak tenant demand, which could lead to prolonged vacancy periods and difficulty in maintaining occupancy rates. Given these factors, it would be prudent to seek opportunities in areas with more robust data and higher tenant demand.
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.