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 | $1,470 |
| 2 Bedrooms | $1,730 |
| 3 Bedrooms | $2,380 |
| 4 Bedrooms | $2,720 |
| 5 Bedrooms | $3,155 |
| 6 Bedrooms | $3,534 |
| 7 Bedrooms | $3,817 |
| 8 Bedrooms | $4,008 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,470 | $167,850 | 0.88% | C |
| 2BR | $1,730 | $224,866 | 0.77% | D |
| 3BR | $2,380 | $397,230 | 0.6% | F |
| 4BR | $2,720 | $527,294 | 0.52% | F |
| 5BR | $3,155 | $635,331 | 0.5% | F |
U.S. Census Bureau data (2024)
The economics of Section 8 housing in ZIP code 89128, located in Las Vegas, NV, and part of Clark County, operate under specific financial guidelines. For fiscal year 2024, the SAFMR (Small Area Fair Market Rent) for a two-bedroom apartment in this ZIP code is set at $1670. This SAFMR is a crucial figure as it directly influences the reimbursement rates for landlords participating in the Housing Choice Voucher program.
The local market rent, as indicated by ZORI (Zillow Observed Rent Index), stands at $1620 for a similar two-bedroom unit. This suggests that the SAFMR is slightly above the average market rent, which can be advantageous for landlords who are willing to accept vouchers.
A landlord's actual reimbursement from a voucher depends on several factors, including the tenant's portion of the rent and any applicable utility allowances. Typically, the tenant is responsible for paying approximately 30% of their adjusted income towards rent. If we assume an average adjusted income for a tenant in this scenario, they would pay around $490 towards the monthly rent. This leaves the remaining amount to be covered by the voucher.
The voucher will cover up to the SAFMR of $1670, but only if the total rent plus utilities does not exceed this amount. Utility allowances are additional payments made to tenants to help cover the cost of utilities. These allowances vary based on the number of bedrooms and the location, but for a two-bedroom unit in ZIP 89128, the utility allowance is typically around $450.
This means that the total reimbursement a landlord might receive for a two-bedroom apartment is the sum of the tenant's payment and the voucher payment, which in this case would be $1160 ($490 tenant payment + $1670 voucher - $450 utility allowance). However, if the landlord charges more than $1670, they will have to absorb the difference between the SAFMR and the actual rent charged, creating a reimbursement gap.
In ZIP 89128, given the SAFMR of $1670 and the local market rent of $1620, landlords who charge exactly at the SAFMR level would see a surplus of about $50 per month over the local market rent. Conversely, if the landlord charges higher than $1670, they will face a reimbursement gap, meaning they won't receive the full rent from the voucher program.
To summarize, landlords in ZIP 89128 should understand that the SAFMR of $1670 sets the maximum reimbursement rate for a two-bedroom apartment. By factoring in the tenant's contribution and utility allowances, the typical reimbursement for a landlord would be around $1160. Given the local market rent of $1620, landlords who charge at or below the SAFMR will see a surplus, while those who charge above it will experience a reimbursement shortfall.
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.