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)
1050 The Fair Market Rent (FMR) for ZIP code 84645 in fiscal year 2024 is set at $1050. 850 This is notably higher than the reported market rent of $850 according to the Census American Community Survey, indicating a potential opportunity for landlords participating in the Section 8 program. 603,552 With a median home value of $603,552, the area presents significant investment opportunities for those looking to capitalize on rental properties. 10.9% Despite only 10.9% of residents being renters, the demand for affordable housing remains strong, driven by the discrepancy between market rents and the FMR. 111,250 The median income of $111,250 suggests that many residents may struggle to afford market-rate rentals, further highlighting the need for subsidized housing options. N/A The lack of data on days on market (DOM) and the percentage of homes requiring price cuts indicates stability in the local real estate market. N/A However, landlords should be aware of the competition from both private and public sectors in providing affordable housing solutions. 1050 Given the higher FMR compared to the market rent, ZIP code 84645 is a favorable location for landlords interested in the Section 8 program.
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.