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 | $1,340 |
| 1 Bedroom | $1,460 |
| 2 Bedrooms | $1,720 |
| 3 Bedrooms | $2,360 |
| 4 Bedrooms | $2,710 |
| 5 Bedrooms | $3,144 |
| 6 Bedrooms | $3,521 |
| 7 Bedrooms | $3,803 |
| 8 Bedrooms | $3,993 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,720 | $296,711 | 0.58% | F |
| 3BR | $2,360 | $389,644 | 0.61% | D |
| 4BR | $2,710 | $434,299 | 0.62% | D |
| 5BR | $3,144 | $501,922 | 0.63% | D |
U.S. Census Bureau data (2024)
North Las Vegas, specifically ZIP code 89031, has evolved into a rapidly growing suburban alternative characterized by expanding communities and strong job growth. This area, bounded largely by Decatur and 5th Street, offers a compact community feel that contrasts with the high-density resort core. Its proximity to Nellis Air Force Base provides a stable economic backbone, while ongoing development solidifies its reputation as one of the fastest-growing areas in the valley.
The financials present a clear story of premium rents over voucher limits. The FY2026 Fair Market Rate (FMR) for a 2-bedroom unit is set at $1,800, yet current market rents (Zillow ZORI) sit significantly higher at $1,978. This creates a negative gap of $178 per month if a landlord strictly adheres to the payment standard, meaning voucher tenants fall short of market value. Despite this, assets remain liquid with a median days on market of 45, and median home values hold steady at $410,926.
With a renter share of 26.9% and a median household income of $87,297, the tenant pool is generally working-class and stable, though local public schools and transit options vary block-by-block. This income level suggests that while many residents can afford market rates, the housing voucher demand persists from families priced out of newer developments. The area is built for growth, attracting industrial and suburban jobs that support long-term residency.
The Section 8 verdict here leans toward stability rather than maximum immediate cashflow. Because the FMR lags behind market rents by $178, landlords taking vouchers may sacrifice immediate income. However, the 45-day turnover rate and proximity to major employers like Nellis Air Force Base suggest low vacancy risk and consistent appreciation, making 89031 a solid hold for long-term equity rather than short-term yield.
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.