Section 8 Fair Market Rent (FMR) for ZIP 84790 - 2027

Investment Score for ZIP 84790

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,370
1 Bedroom	$1,380
2 Bedrooms	$1,800
3 Bedrooms	$2,360
4 Bedrooms	$2,940
5 Bedrooms	$3,410
6 Bedrooms	$3,819
7 Bedrooms	$4,125
8 Bedrooms	$4,331

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
1BR	$1,380	$187,469	0.74%	D
2BR	$1,800	$406,570	0.44%	F
3BR	$2,360	$450,071	0.52%	F
4BR	$2,940	$609,204	0.48%	F
5BR	$3,410	$842,326	0.4%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 84790 (Saint George, UT) #### Section 8 Voucher Dynamics The Fair Market Rent (FMR) for ZIP code 84790 in Saint George, UT, for 2026 is set at $1720 for a two-bedroom unit. This represents 22.7% of the median household income of $91,054. However, the actual median rent for a two-bedroom unit on Zillow is significantly higher at $407,442, resulting in a price-to-FMR ratio of 19.7x. This indicates that the actual market rent far exceeds the FMR, which poses significant constraints for voucher holders. For instance, a voucher holder would find it challenging to secure a two-bedroom rental unit at the FMR rate given the high market rent. The gap between FMR and actual market rent suggests that voucher holders may struggle to find suitable housing options within their budget. #### Affordability & Renter Profile In ZIP code 84790, 26.4% of the population are renters, indicating a moderate demand for rental properties. With an occupancy rate of 87.5%, the market appears to be relatively tight, suggesting that there is little excess supply of rental units. Given the high median rent of $407,442 for a two-bedroom unit, affordability is a significant concern for many residents. The median household income of $91,054 means that even without considering other expenses, a substantial portion of the income would be required to cover rent alone. This makes it difficult for lower-income households to afford market-rate rentals, highlighting the importance of affordable housing initiatives such as Section 8 vouchers. #### Investor Angle From an investor perspective, the ZIP code 84790 presents a mixed picture when considering cash flow and investment grade. The FMR for a two-bedroom unit is $1720, but the actual median rent is $407,442, which is nearly 24 times the FMR. This implies that landlords who can secure tenants willing to pay market rates will likely see strong cash flows. However, for those relying solely on Section 8 vouchers, the cash flow potential is much lower due to the limited amount covered by the vouchers. To determine the investment grade, we need to consider the balance between rental income and property costs. While the high market rent suggests strong potential returns, the reliance on Section 8 vouchers would limit these returns. Additionally, the tight market conditions imply that competition for tenants is high, which could affect vacancy rates and overall profitability. Therefore, the investment grade would depend heavily on the ability to attract non-voucher tenants willing to pay market rates. #### Specific Actionable Insights 1. **Focus on Non-Voucher Tenants**: Given the high price-to-FMR ratio, investors should focus on attracting tenants who can pay market rates rather than relying solely on Section 8 vouchers. This strategy would likely result in better cash flow and overall returns. 2. **Consider Lower-Rent Units**: If an investor decides to cater to voucher holders, they might want to consider investing in smaller units (e.g., one-bedroom or studio apartments) where the FMR is lower. For example, the FMR for a one-bedroom unit is $1330, which is still a significant portion of the median income but might be more manageable for voucher holders. 3. **Explore Affordable Housing Programs**: Investors looking to support affordable housing while maintaining financial viability could explore programs that offer subsidies or tax incentives for properties that accept Section 8 vouchers. This could help bridge the gap between FMR and market rates. #### Bottom Line For Section 8-focused investors, the ZIP code 84790 presents a challenging environment due to the significant disparity between FMR and market rent. The high price-to-FMR ratio of 19.7x suggests that relying solely on Section 8 vouchers would not be financially viable. Therefore, the recommendation for investors is to **Skip** this ZIP code if their primary focus is on Section 8 vouchers. Instead, they should look for areas where the FMR is closer to the actual market rent, ensuring better cash flow and overall returns. Alternatively, they could explore other affordable housing programs that provide additional support to make Section 8 properties more financially feasible.

Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.