Section 8 Fair Market Rent (FMR) for ZIP 89139 - 2027

Investment Score for ZIP 89139

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,380
1 Bedroom	$1,510
2 Bedrooms	$1,770
3 Bedrooms	$2,430
4 Bedrooms	$2,780
5 Bedrooms	$3,225
6 Bedrooms	$3,612
7 Bedrooms	$3,901
8 Bedrooms	$4,096

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$1,770	$337,677	0.52%	F
3BR	$2,430	$405,449	0.6%	F
4BR	$2,780	$506,895	0.55%	F
5BR	$3,225	$669,999	0.48%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 89139 (Las Vegas, NV) #### Section 8 Voucher Dynamics The Fair Market Rent (FMR) for ZIP code 89139, as set by HUD for 2026, is $1880 for a two-bedroom unit. This represents 22.6% of the median household income of $99,815. However, the actual rental market price for a two-bedroom unit, according to Zillow, is significantly higher at $343,464. The price-to-FMR ratio of 15.2x indicates that the actual market rent is approximately 15 times the FMR. This means that Section 8 voucher holders face significant constraints in finding affordable housing. For example, a landlord would only be able to charge $1880 per month for a two-bedroom unit if they want to participate in the Section 8 program. Given the high market prices, this could make it difficult for voucher holders to find suitable housing options, especially since the median rent is much higher than the FMR. #### Affordability & Renter Profile ZIP code 89139 has a population of 45,410, with 36.5% of residents being renters. The occupancy rate stands at 93.7%, suggesting a relatively tight market where most available units are occupied. With a median household income of $99,815, the area is considered middle to upper-middle class. The high median rent compared to the FMR indicates that the market is quite competitive, making it challenging for lower-income individuals to afford housing without assistance. Given the high market prices and the fact that 22.6% of median income is allocated towards a two-bedroom unit, it is clear that the majority of renters in this area must either have higher incomes or rely on financial assistance such as Section 8 vouchers. However, the disparity between the FMR and the actual market rent suggests that even with vouchers, many renters might struggle to find affordable housing. #### Investor Angle From an investor perspective, the ZIP code 89139 presents a mixed picture. While the actual market rent is high, participating in the Section 8 program would limit landlords to charging the FMR rates. For a two-bedroom unit, this means a maximum rent of $1880 per month. Considering the median home value of $343,464, the investment would likely need to be in rental properties rather than single-family homes. To determine if this ZIP code is cash-flow positive at FMR, we need to consider the typical expenses associated with rental properties. These include mortgage payments, property taxes, insurance, maintenance, and other operational costs. Without specific figures for these costs, we can infer that the high market rent suggests a potentially lucrative investment opportunity. However, the FMR limits the rent that can be charged, which could affect profitability. Based on the data provided, the investment grade for this ZIP code appears to be moderate. While there is a strong demand for rental units, the limited rent that can be charged under the Section 8 program might not cover all expenses, particularly in a high-cost area like Las Vegas. #### Specific Actionable Insights 1. **Focus on Smaller Units**: Given the high price-to-FMR ratio, investors should focus on smaller units such as one-bedroom or studio apartments. The FMR for a one-bedroom unit is $1600, which is still a significant portion of the median income but might be more manageable for tenants. Additionally, the demand for smaller units is often higher due to their affordability. 2. **Consider Multi-Family Properties**: Multi-family properties might offer better cash flow opportunities. Even though the rent per unit is capped at FMR, having multiple units can help spread out fixed costs and increase overall revenue. Investors should look for multi-family buildings that can be rented out at the FMR rates while still generating a profit. 3. **Explore Government Subsidies**: Given the high cost of living in Las Vegas, exploring additional government subsidies or programs beyond just Section 8 might be beneficial. This could include Low-Income Housing Tax Credits (LIHTC) or other local incentives that can help offset the higher costs of acquiring and maintaining rental properties. #### Bottom Line For Section 8-focused investors, ZIP code 89139 presents a challenging environment due to the high price-to-FMR ratio. The recommendation would be to **Skip** this ZIP code unless you can find properties that offer exceptional value or are located in areas with less competition. If you do decide to invest, focus on smaller units and multi-family properties to maximize your chances of achieving positive cash flow. Additionally, explore supplementary government programs to enhance the financial viability of your investments. --- This analysis provides a comprehensive overview of the rental market dynamics in ZIP code 89139, focusing on the challenges and opportunities for Section 8-focused investors. It is based solely on the data provided and offers specific insights and recommendations grounded in those numbers.

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.