Location: Kane County, UT | Metro: Kane County, UT
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,100 |
| 1 Bedroom | $1,140 |
| 2 Bedrooms | $1,500 |
| 3 Bedrooms | $1,800 |
| 4 Bedrooms | $2,510 |
| 5 Bedrooms | $2,912 |
| 6 Bedrooms | $3,261 |
| 7 Bedrooms | $3,522 |
| 8 Bedrooms | $3,698 |
U.S. Census Bureau data (2024)
To understand the economics of Section 8 in ZIP code 84729, it's crucial to know the SAFMR (Section 8 Area Fair Market Rent) for a two-bedroom apartment, which is set at $1,540 for fiscal year 2026. This figure represents the maximum amount that the housing authority will pay on behalf of a tenant under the Section 8 Housing Choice Voucher program.
The SAFMR is specifically tailored for this ZIP code, meaning it reflects the rental costs within the area accurately. However, the local market rent for a two-bedroom apartment is currently unavailable, which makes direct comparisons challenging. Nonetheless, the SAFMR serves as a reliable benchmark for landlords to gauge the financial viability of renting to Section 8 tenants.
When a tenant uses a Section 8 voucher, they are responsible for paying a portion of the rent, typically around 30% of their adjusted income. This amount is known as the tenant portion. Additionally, there are utility allowances that vary based on the size of the unit and the region. For ZIP 84729, these allowances would be included in the total reimbursement calculation but are not specified in the provided data.
The voucher payment system works as follows: the housing authority pays the difference between the tenant's contribution and the SAFMR. In this case, for a two-bedroom unit, the housing authority will cover up to $1,540 per month. If the market rent exceeds this amount, the landlord must negotiate a lower rent with the tenant, as they cannot charge more than the SAFMR without risking non-payment from the housing authority.
To illustrate, if a tenant's portion is $462 (assuming an adjusted income where 30% equals this amount), then the housing authority would pay the remaining $1,078 to reach the SAFMR of $1,540. Any additional costs beyond this amount would need to be covered by the tenant, which can be problematic if the market rent is higher.
In ZIP 84729, since the local market rent is not available, we cannot definitively state whether there will be a surplus or a gap. However, if the market rent were to be higher than the SAFMR, landlords would face a reimbursement gap, meaning they would receive less than the market value for their property. Conversely, if the market rent is lower, landlords might see a surplus, receiving more than their usual market rent.
Given the SAFMR of $1,540, landlords should consider setting their rents close to this figure to maximize their income while still being attractive to Section 8 tenants. It's important to note that the actual reimbursement received will depend on the tenant's income and any utility allowances, which can affect the final amount paid by the housing authority.
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.