Section 8 Fair Market Rent (FMR) for ZIP 84662 - 2027
Location: Sanpete County, UT | Metro: Sanpete County, UT
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $1,000 |
| 1 Bedroom | $1,020 |
| 2 Bedrooms | $1,330 |
| 3 Bedrooms | $1,580 |
| 4 Bedrooms | $1,750 |
| 5 Bedrooms | $2,030 |
| 6 Bedrooms | $2,274 |
| 7 Bedrooms | $2,456 |
| 8 Bedrooms | $2,579 |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$73,295
The ZIP code 84662, located in Spring City, UT, presents a mixed picture for landlords and small-portfolio investors considering the Fair Market Rent (FMR) of $1,370 for metro FY 2026. A skeptical investor might raise several valid concerns.
- Will FMR $1,370 cover the mortgage on a home?: According to recent data, the median home value in ZIP 84662 is $367,300. This figure suggests that homeownership costs could be substantial, potentially challenging for renters to cover solely through the FMR. However, it's important to note that the median home value does not directly correlate with mortgage payments. To accurately assess this, one must consider the prevailing interest rates and the specific mortgage terms available.
- Is there enough renter demand at 18.8%?: The 18.8% rental vacancy rate indicates a relatively low demand for rental properties in the area. This could mean that landlords might struggle to fill vacancies or may need to offer competitive rental rates to attract tenants. However, a lower vacancy rate can also signal a stable rental market where demand meets supply, although it does not guarantee high occupancy rates.
- Will vouchers keep pace with market rents?: Data specific to voucher usage in ZIP 84662 is not readily available. However, the general trend is that housing choice voucher programs aim to cover the cost of modest-quality housing, which may not always align with market rents. Investors should be cautious about relying heavily on voucher-supported rentals, as the income generated might not match the full market rent of $1,370.
In summary, while ZIP 84662 offers a fair rental market with a decent vacancy rate, the skepticism around covering mortgages and the pace of voucher programs is warranted. Landlords and investors should carefully evaluate local mortgage options and consider diversifying their investment strategies beyond voucher-supported rentals.
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.