Location: Las Vegas-Henderson-North Las Vegas, NV | Metro: Las Vegas-Henderson-North Las Vegas, NV MSA
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,200 |
| 1 Bedroom | $1,340 |
| 2 Bedrooms | $1,570 |
| 3 Bedrooms | $2,180 |
| 4 Bedrooms | $2,490 |
| 5 Bedrooms | $2,888 |
| 6 Bedrooms | $3,235 |
| 7 Bedrooms | $3,494 |
| 8 Bedrooms | $3,669 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $2,180 | $448,081 | 0.49% | F |
| 4BR | $2,490 | $557,068 | 0.45% | F |
| 5BR | $2,888 | $671,403 | 0.43% | F |
U.S. Census Bureau data (2024)
The market in ZIP 89021 presents a dynamic scenario where the Federal Market Rent (FMR) at $1440 for fiscal year 2024 significantly exceeds the current market rent of $897, as reported by the Census American Community Survey. This gap suggests that there is currently an imbalance favoring demand over supply, indicating a potential tightness in the rental market. Landlords and small-portfolio investors should take note of this disparity as it implies that tenants are willing to pay above the average market rent to secure housing, which could translate into opportunities for higher rental yields.
The median home value in ZIP 89021 stands at $508,721, reflecting a robust residential property market. While the data on price-cut share and days on market (DOM) are not available, the high median home value alongside the elevated FMR suggests a strong underlying economic foundation supporting both rental and ownership markets. This economic strength can be indicative of stable employment rates and income levels, which are crucial factors for sustaining housing demand.
A key statistic to consider is the 7.7% renter share, which provides insight into the long-term housing pressures. Although this percentage might seem low, it points to a market where homeownership is prevalent, suggesting that the majority of residents have found the means to purchase their homes rather than rent. This preference for homeownership can lead to increased competition for rental properties among those who cannot yet afford to buy, thereby exerting upward pressure on rents and occupancy rates. For landlords, this means maintaining competitive rental offerings and ensuring properties are well-maintained to attract and retain tenants.
In conclusion, ZIP 89021 appears to be a market where demand is strong relative to supply, driven by a combination of economic stability and a preference for homeownership. The significant difference between the FMR and the actual market rent indicates a favorable environment for rental investments, with the potential for increasing rents as demand continues to outpace supply. Investors should leverage these conditions to maximize returns while being mindful of the broader economic context that supports this market's dynamics.
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.