Location: St. George, UT | Metro: St. George, UT MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,120 |
| 1 Bedroom | $1,130 |
| 2 Bedrooms | $1,480 |
| 3 Bedrooms | $1,940 |
| 4 Bedrooms | $2,410 |
| 5 Bedrooms | $2,796 |
| 6 Bedrooms | $3,132 |
| 7 Bedrooms | $3,383 |
| 8 Bedrooms | $3,552 |
U.S. Census Bureau data (2024)
The ZIP code 84784 is located in a quiet suburban area of Utah, characterized by a relatively small population of 1,372 residents. Approximately 28.6% of these residents are renters, indicating a modest demand for rental properties. The median household income in this area is strong at $78,523, suggesting that the community is financially stable and has a good standard of living. However, it's important to note that the median home value is not available, which might indicate a limited number of homeowners or a lack of recent sales data.
Moving into the specifics of rental economics, the Fair Market Rent (FMR) for ZIP 84784 as of the fiscal year 2024 is set at $1,160. This figure represents the government's estimate of what a tenant should pay for a unit under the Section 8 program. In contrast, the average market rent for the area, according to the Census Bureau's American Community Survey (ACS), is significantly higher at $1,495 per month. This discrepancy indicates a potential opportunity for landlords who can manage units to qualify for the Section 8 program, while still maintaining a reasonable profit margin above the FMR.
Given these economic conditions, ZIP 84784 could be suitable for both hands-off voucher operators and hands-on value-add buyers. For hands-off operators, the presence of the Section 8 program ensures a steady stream of rental income with minimal risk, as tenants' rents are subsidized. The difference between the FMR and the market rent also provides a buffer for such operators, allowing them to cover maintenance costs and other expenses without needing to actively manage the property beyond basic oversight.
On the other hand, hands-on value-add buyers could find opportunities to improve properties and increase their value, thereby capturing a larger share of the market rent. These investors would benefit from the financial stability of the local residents and the higher market rent compared to the FMR, enabling them to potentially generate significant returns through active management and improvements.
In summary, ZIP 84784 presents a balanced investment landscape for Section 8 participants, offering a mix of stability and potential for growth. Whether an investor chooses to take a passive or active approach, the economic indicators suggest a favorable environment for generating consistent rental income.
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.