Section 8 Fair Market Rent (FMR) for ZIP 89081 - 2027

Investment Score for ZIP 89081

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	$1,580
1 Bedroom	$1,730
2 Bedrooms	$2,030
3 Bedrooms	$2,790
4 Bedrooms	$3,190
5 Bedrooms	$3,700
6 Bedrooms	$4,144
7 Bedrooms	$4,476
8 Bedrooms	$4,700

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
2BR	$2,030	$367,007	0.55%	F
3BR	$2,790	$391,571	0.71%	D
4BR	$3,190	$433,881	0.74%	D
5BR	$3,700	$484,539	0.76%	D

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 89081 (North Las Vegas, NV) #### Section 8 Voucher Dynamics The Fair Market Rent (FMR) for ZIP code 89081 is set by HUD for 2026 as follows: - 0BR: $1600 - 1BR: $1770 - 2BR: $2080 (which is 27.2% of the median household income) - 3BR: $2890 - 4BR: $3310 To understand how these FMRs compare to actual rents, we need to consider the price-to-FMR ratio. For a 2BR unit, the Zillow median price is $374,477, which translates to a price-to-FMR ratio of 15.0x. This means that the median home value is 15 times higher than the FMR for a 2BR unit. However, FMRs are designed to reflect the average rent for a modest apartment in a given area, and they often do not align perfectly with actual rental prices. In North Las Vegas, the FMRs are likely lower than what many landlords charge, especially for units that are newer or have better amenities. This can create constraints for voucher holders who might struggle to find properties willing to accept their vouchers due to the low FMR compared to market rates. #### Affordability & Renter Profile The population of ZIP code 89081 is 41,408, with 33.0% of residents being renters. The occupancy rate stands at 93.6%, indicating a relatively tight rental market. Given the median household income of $91,733, the FMR for a 2BR unit ($2080) represents about 27.2% of this income. This suggests that while renting is affordable for the median household, it may still be challenging for those with lower incomes. The high occupancy rate and significant percentage of renters indicate a strong demand for housing in this area. However, the tightness of the market also implies that there could be limited supply, making it difficult for some renters to find suitable accommodation. This dynamic is particularly relevant for Section 8 voucher holders, who may face additional challenges due to the low FMRs relative to actual rents. #### Investor Angle From an investor perspective, the ZIP code's cash flow potential needs to be evaluated against the FMRs. The FMR for a 2BR unit is $2080, which is significantly lower than the median home value of $374,477. The price-to-FMR ratio of 15.0x indicates that the median home value is much higher than the rent that can be charged under the voucher program. Given that only 27.2% of the median household income is required to cover the rent for a 2BR unit, this suggests that the rental market is generally affordable for most residents. However, for investors focusing on Section 8 vouchers, the cash flow will be constrained by the FMR limits. The median home value far exceeds what can be rented out under the voucher program, meaning that investors would likely need to rely on other sources of income, such as appreciation or non-voucher tenants, to make up for the shortfall. The investment grade in this ZIP code appears to be moderate. While the demand for rental properties is strong, the low FMRs relative to the median home value pose a challenge for achieving positive cash flow solely through Section 8 vouchers. Investors should carefully evaluate their overall strategy and consider diversifying their tenant base. #### Specific Actionable Insights 1. **Focus on Lower-Rent Properties**: Since the FMR for a 2BR unit is $2080, investors should focus on acquiring properties that can be rented at or below this amount. This may include older or less amenitized units where the cost of maintenance and upgrades is lower. For instance, a 2BR property priced at $2080 per month would be fully covered by a Section 8 voucher, providing stable cash flow. 2. **Consider Multi-Family Units**: Given the higher FMRs for larger units, multi-family buildings could offer a better opportunity for positive cash flow. A 3BR unit with an FMR of $2890 or a 4BR unit with an FMR of $3310 would provide a higher monthly rental income. For example, a 3BR unit at $2890 would represent a substantial portion of the median household income, but still be within reach for many residents. #### Bottom Line For Section 8-focused investors, the recommendation for ZIP code 89081 is to **Hold**. While the rental market is strong and there is a significant demand for housing, the low FMRs relative to the median home value make it challenging to achieve positive cash flow solely through Section 8 vouchers. Investors should consider diversifying their tenant mix and focusing on properties that can be rented at or below the FMR limits to ensure stability and profitability. Additionally, multi-family units could present a more viable option for generating higher rental income.

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.