Location: Iron County, UT | Metro: Iron County, UT
| Unit Size | Monthly FMR |
|---|---|
| Studio | $800 |
| 1 Bedroom | $810 |
| 2 Bedrooms | $1,060 |
| 3 Bedrooms | $1,470 |
| 4 Bedrooms | $1,770 |
| 5 Bedrooms | $2,053 |
| 6 Bedrooms | $2,299 |
| 7 Bedrooms | $2,483 |
| 8 Bedrooms | $2,607 |
U.S. Census Bureau data (2024)
The Section 8 thesis for ZIP code 84761 is centered around the discrepancy between the Fair Market Rent (FMR) and the actual market rent. The FMR for the metro area in fiscal year 2026 is set at $1,120, while the Census ACS reports the market rent at $981. This creates a gap of $139 per month, which translates to a 14.2% difference in favor of the FMR.
In this scenario, where the FMR exceeds the market rent, landlords can leverage this gap to increase their yield. By accepting Section 8 vouchers, they ensure a steady stream of rental income that is higher than what the open market would typically offer. This makes it an attractive investment strategy, especially considering that only 28.9% of the population are renters, indicating a relatively low competition in the rental market.
The median home value in ZIP 84761 is $405,629, suggesting a mix of homeowners and renters, but with a lower percentage of renters, landlords might find it easier to attract voucher holders. Additionally, the median income in the area is $51,538, which could indicate that many residents rely on affordable housing options like Section 8, further supporting the demand for properties that accept vouchers.
Landlords should be aware of the potential administrative and maintenance costs associated with Section 8 tenants, including regular inspections and compliance with HUD standards. However, the financial benefit of receiving higher rents through vouchers compared to the open market makes it a compelling choice for maximizing returns on investment in 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.