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 |
|---|---|---|---|---|
| 1BR | $1,340 | $172,265 | 0.78% | D |
| 2BR | $1,570 | $245,809 | 0.64% | D |
| 3BR | $2,180 | $362,639 | 0.6% | D |
| 4BR | $2,490 | $415,589 | 0.6% | F |
| 5BR | $2,888 | $483,543 | 0.6% | F |
U.S. Census Bureau data (2024)
Las Vegas 89121 is located in the southeastern part of the valley, often recognized as a solid working-class neighborhood offering convenient access to the greater metro area. This area is characterized by a mix of mid-century single-family homes and smaller apartment complexes, appealing to tenants who value proximity to major employment hubs without paying Strip-adjacent premiums. A significant local anchor is the University of Nevada, Las Vegas (UNLV), which lies just west of this zip code, providing a steady stream of faculty, staff, and graduate students looking for nearby housing options.
From a financial perspective, the math in 89121 is compelling for voucher holders. The FY2026 Fair Market Rent for a 2-bedroom unit is set at $1,580, which exceeds the current Zillow market rent estimate of $1,360 by a margin of $220. This $220 gap provides a nice cushion above market rates. Valuation data shows a median home value of $355,766, with a specific median 2BR sale price of $250,315. Properties are moving at a moderate pace, sitting on the market for a median of 80 days.
The tenant pool is robust, driven by a 48.7% renter share and a median household income of $55,758. While this income level is healthy, it suggests that a significant portion of the population may still require rental assistance or is priced out of homeownership given the current valuations. The neighborhood features well-regarded schools such as John C. Bass Elementary School and convenient access to the I-15 and I-215 freeways, making it an attractive location for families needing reliable transit routes.
The strongest investor angle here is cash flow through the Section 8 program. Because the HUD payment standard ($1,580) is higher than the prevailing market rent ($1,360), investors can secure guaranteed government payments that cover the full market rate plus a surplus, mitigating vacancy risk. With the gap between the 2BR FMR and the market rent sitting at $220, and a relatively affordable median 2BR entry price of $250,315, this zip code offers a clear path to positive leverage and stable, subsidized 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.