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 | $1,300 |
| 1 Bedroom | $1,400 |
| 2 Bedrooms | $1,680 |
| 3 Bedrooms | $2,310 |
| 4 Bedrooms | $2,670 |
| 5 Bedrooms | $3,097 |
| 6 Bedrooms | $3,469 |
| 7 Bedrooms | $3,747 |
| 8 Bedrooms | $3,934 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,400 | $351,675 | 0.4% | F |
| 2BR | $1,680 | $449,176 | 0.37% | F |
| 3BR | $2,310 | $568,524 | 0.41% | F |
U.S. Census Bureau data (2024)
The Section 8 thesis in ZIP 89124 focuses on the significant gap between the Fair Market Rent (FMR) and the actual market rent. As of the fiscal year 2024, the FMR stands at $1,510. In contrast, the current market rent in 89124 is $1,700, according to recent Zillow data. This represents a gap of $190, or approximately 12.6%, between the FMR and the market rent.
The discrepancy means that landlords accepting Section 8 housing vouchers will be renting units below the open-market rate. This can be a financial burden given the economic context of the area. With a median home value of $523,250 and a median income of $117,917, the gap highlights the affordability challenges faced by voucher holders in 89124.
The broader context of 89124 also reveals that only 6.0% of residents are renters. Despite this low percentage, the rental market has cooled significantly, with average rents decreasing by $2,340 over the past year. This trend underscores the need for landlords to carefully consider the financial implications of accepting Section 8 tenants, as they may be receiving less than the market rate for their properties.
To summarize, the gap between FMR and market rent in 89124 is a critical factor for landlords and small-portfolio investors. Accepting housing voucher tenants can result in lower yields, and the current cooling of the rental market adds further complexity to the decision-making process.
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.