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 median Fair Market Rent (FMR) for ZIP 84644 is $970 (for metro FY 2026). A skeptical investor might ask if this amount is sufficient to cover the mortgage on a typical home in the area. According to recent real estate data, the median home value in ZIP 84644 is $245,800. This suggests that the median FMR is indeed lower than the average home value, but it does not provide enough detail to definitively state whether a mortgage would be covered. To make an informed decision, one would need to know the specific interest rates and loan terms for homes in this ZIP code.
Another concern could be the level of renter demand in the area, given that only 11.3% of the population in ZIP 84644 are renters. While this percentage indicates a smaller rental market, it does not necessarily mean there is insufficient demand. The actual number of renters and the vacancy rate would be more indicative of demand. However, the current data does not provide these specifics. Nonetheless, the presence of rental properties listed on real estate platforms such as Zillow and Trulia suggests that there is some demand for rental units in this area.
A final objection might be whether Section 8 vouchers will keep pace with the market rents in ZIP 84644. Unfortunately, the data provided does not give specific information about voucher usage trends or amounts in this ZIP code. It's important to note that while Section 8 vouchers are designed to cover a portion of market rents, the exact amount can vary widely depending on local conditions and federal guidelines. Without specific data on voucher amounts in ZIP 84644, it's difficult to assess how well they align with current market rents.
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.