Location: Millard County, UT | Metro: Millard County, UT
| Unit Size | Monthly FMR |
|---|---|
| Studio | $880 |
| 1 Bedroom | $900 |
| 2 Bedrooms | $1,180 |
| 3 Bedrooms | $1,630 |
| 4 Bedrooms | $1,690 |
| 5 Bedrooms | $1,960 |
| 6 Bedrooms | $2,195 |
| 7 Bedrooms | $2,371 |
| 8 Bedrooms | $2,490 |
U.S. Census Bureau data (2024)
The analysis of ZIP code 84649 within Millard County, UT, reveals a unique position in the local real estate market. The Fair Market Rent (FMR) for the area stands at $1,260 for fiscal year 2026, which serves as a critical benchmark for comparing rental costs against federal guidelines. This figure directly impacts landlords and investors who aim to align their rental pricing with the federal standards to attract tenants eligible for housing assistance programs.
Despite the FMR being defined, the market rent and home value data for ZIP 84649 are not available. However, the renter share, at 8.9%, indicates that nearly 9% of the population in this ZIP code are renters. This percentage is relatively low compared to many metropolitan areas where renter shares can exceed 20%. The absence of specific market rent and home value figures makes it challenging to definitively categorize 84649 as a value pocket, mid-tier neighborhood, or premium sub-market. Nonetheless, the lower-than-average renter share suggests that homeownership may be more prevalent in this area, potentially indicating higher property values or a preference for owning over renting.
In the context of Section 8 investments, the lack of market rent data is significant because it means that the federal rent limits may be the primary reference point for setting rental prices. For investors, this could mean a more stable rental income if they price their units close to the FMR, ensuring they remain competitive for Section 8 tenants. However, without knowing the actual market rents, it's impossible to determine if 84649 offers a sweet spot for Section 8 properties due to the high renter share relative to other ZIP codes in the county.
To make a more informed decision, investors should consider conducting a thorough analysis of nearby ZIP codes within Millard County to understand how 84649 compares in terms of rental rates and home values. This comparative analysis will help identify if 84649 is indeed a value pocket, offering lower rents and home values but with a sufficient number of potential Section 8 tenants, or if it leans towards a premium sub-market with higher costs and fewer renters. Given the limited data, 84649 appears to be a niche market, particularly suited for those who can offer units priced at or near the $1,260 FMR, catering to a specific segment of the rental market.
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.