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: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,570 | $191,377 | 0.82% | C |
| 3BR | $2,180 | $327,424 | 0.67% | D |
| 4BR | $2,490 | $359,748 | 0.69% | D |
| 5BR | $2,888 | $425,558 | 0.68% | D |
U.S. Census Bureau data (2024)
Las Vegas 89115, situated in the eastern reaches of the Las Vegas Valley, is a dense, primarily residential neighborhood characterized by mid-century housing stock and high renter occupancy. The area is heavily influenced by its proximity to Nellis Air Force Base, a major regional employer that provides a steady stream of personnel and Defense Department contractors to the local economy. The neighborhood maintains an urban feel with commercial corridors along Nellis Boulevard, offering essential retail and dining options that serve the day-to-day needs of residents.
From a financial perspective, the math for a Section 8 strategy in 89115 requires scrutiny of the gap between subsidies and market rates. The HUD Fair Market Rent (FMR) for a 2-bedroom unit is $1,580, while the current market rent sits at $1,348, creating a premium of $232 per month if you secure a voucher tenant. With a median home value of $327,150 and a median 2BR sale price of $194,548, acquisition costs are relatively moderate, though properties are moving somewhat slowly with a median of 64 days on market. Cash-flow potential exists here, but it relies entirely on accessing the higher FMR rather than street rents.
Demand drivers are robust in this zip code, where 64.9% of households are renters. The median household income of $51,681 suggests a population where rental assistance can be a critical factor in housing stability. The area is served by the Clark County School District, including nearby elementary and high schools that generally appeal to families, while the RTC bus system provides transit connectivity along major thoroughfares. This infrastructure supports a consistent tenant pool that values the long-term housing stability that vouchers provide.
The strongest investor angle in 89115 is cash-flow through the voucher program premium. The $232 gap between the 2-bedroom FMR and market rent is the defining metric, allowing investors to exceed typical market yields. While the 64-day days-on-market figure indicates a sales environment that is not overheated, the high renter share ensures a deep pool of potential tenants. For landlords willing to navigate HUD inspections, the numbers suggest a viable path to above-market income.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.