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 | $1,970 |
| 1 Bedroom | $2,150 |
| 2 Bedrooms | $2,530 |
| 3 Bedrooms | $3,480 |
| 4 Bedrooms | $3,980 |
| 5 Bedrooms | $4,617 |
| 6 Bedrooms | $5,171 |
| 7 Bedrooms | $5,585 |
| 8 Bedrooms | $5,864 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $2,150 | $359,711 | 0.6% | F |
| 2BR | $2,530 | $552,839 | 0.46% | F |
| 3BR | $3,480 | $617,331 | 0.56% | F |
| 4BR | $3,980 | $966,401 | 0.41% | F |
| 5BR | $4,617 | $2,148,101 | 0.21% | F |
U.S. Census Bureau data (2024)
ZIP 89135, located in Las Vegas, NV, and part of the Las Vegas-Henderson-North Las Vegas, NV MSA, serves well as an appreciation play within a Section 8 portfolio strategy. The area's low price-cut share at 0.3%, combined with a relatively short days on market (DOM) period of 49 days, indicates a strong seller's market where homes appreciate steadily without significant discounts.
The Federal Market Rent (FMR) for ZIP 89135 in fiscal year 2024 is set at $2460, which is slightly above the market rent of $2,409. This minimal spread suggests that landlords can expect stable cash flows with rents closely aligned to the market, ensuring that properties remain competitive and occupied. However, the primary focus here should be on the long-term potential for property value appreciation rather than immediate cash flow optimization.
The median home value in ZIP 89135 is $720,064, reflecting a high-end residential market. While this might seem daunting for small-portfolio investors, it is important to note that the median income in the area is $121,515, indicating a robust economic base capable of supporting higher housing costs. Additionally, the renter share of 28.9% suggests a diverse housing demand, with both renters and homeowners contributing to the overall stability and growth of the local real estate market.
In conclusion, ZIP 89135 stands out as an appreciation play due to its favorable market conditions, stable rental rates, and high median income levels. Landlords and small-portfolio investors should consider this ZIP code for properties that will likely see steady value increases over time, complementing their overall investment strategy.
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.