Location: Piute County, UT | Metro: Piute County, UT
| Unit Size | Monthly FMR |
|---|---|
| Studio | $870 |
| 1 Bedroom | $950 |
| 2 Bedrooms | $1,160 |
| 3 Bedrooms | $1,560 |
| 4 Bedrooms | $1,920 |
| 5 Bedrooms | $2,227 |
| 6 Bedrooms | $2,494 |
| 7 Bedrooms | $2,694 |
| 8 Bedrooms | $2,829 |
U.S. Census Bureau data (2024)
ZIP 84740, located in Piute County, Utah, serves as a diversifier within a Section 8 portfolio strategy due to its low renter share and median income figures. The median home value stands at $184,100, significantly lower than the national average of $281,900. This makes it an attractive option for investors seeking to balance their portfolios with properties in areas where the cost of entry is lower.
The renter share in ZIP 84740 is only 5%, indicating a strong preference for homeownership among the local population. However, this also suggests that there may be limited demand for rental properties, making it less suitable as a cash-flow anchor. The median income of $56,750 is below the national average, which could affect the ability of tenants to pay higher rents. Given these factors, ZIP 84740 does not present itself as an ideal appreciation play, as there is little data to suggest significant growth in property values.
Incorporating ZIP 84740 into a Section 8 portfolio would provide exposure to a unique demographic profile. With a median age of 61.2 years, the area has a higher proportion of older residents compared to the national average of 38.5 years. This could influence the types of properties that are in demand and the potential for long-term stability in the rental market.
The data indicates that 96 out of 101 occupied housing units are owner-occupied, while only 5 are renter-occupied. This low renter share aligns with the characterization of ZIP 84740 as a diversifier, rather than a primary source of rental income. The per capita income of $26,875 is notably lower than the national average, further supporting the need for diversification.
Investors should consider the potential for increased reliance on government assistance programs, such as SNAP and SSI, given the higher poverty rate of 48.3% compared to the national average of 8.8%. This underscores the importance of understanding the local economic conditions when evaluating the viability of rental properties within this ZIP code.
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.