Section 8 Fair Market Rent (FMR) for ZIP 89141 - 2027

Investment Score for ZIP 89141

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	$1,800
1 Bedroom	$1,970
2 Bedrooms	$2,320
3 Bedrooms	$3,190
4 Bedrooms	$3,650
5 Bedrooms	$4,234
6 Bedrooms	$4,742
7 Bedrooms	$5,121
8 Bedrooms	$5,377

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$2,320	$387,001	0.6%	F
3BR	$3,190	$452,532	0.7%	D
4BR	$3,650	$556,520	0.66%	D
5BR	$4,234	$719,132	0.59%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 89141 (Las Vegas, NV) #### Section 8 Voucher Dynamics The Fair Market Rent (FMR) for ZIP code 89141 in 2026 is set at $2350 for a two-bedroom unit, which represents 23.1% of the median household income in the area. However, the Zillow median price for a two-bedroom unit is significantly higher at $395,751, resulting in a price-to-FMR ratio of 14.0x. This means that the actual rental prices in the market are likely much higher than the FMR, creating a significant constraint for Section 8 voucher holders. For instance, a voucher holder would only be able to afford units priced at or below $2350 per month, while the average market rate is far above this threshold. Consequently, voucher holders face limited options in finding suitable housing within their budget. #### Affordability & Renter Profile ZIP code 89141 has a population of 43,469, with 26.5% of residents being renters. The occupancy rate is high at 95.8%, indicating a tight rental market where demand exceeds supply. Given the median household income of $122,339, most residents can afford the higher-than-FMR rental prices. However, the 26.5% of renters who rely on lower-cost housing options may struggle to find affordable units. The high occupancy rate suggests that there is little excess capacity in the rental market, making it difficult for those with limited budgets to secure housing. Therefore, the market is likely to be competitive and favor landlords, with fewer opportunities for low-income renters. #### Investor Angle From an investor perspective, the ZIP code 89141 presents a mixed picture. While the overall rental market is strong, with high occupancy rates and relatively high incomes, the FMR levels set by HUD are much lower than the actual market rates. An investor looking to focus on Section 8 vouchers would need to ensure that their properties are priced within these limits to attract tenants using vouchers. For a two-bedroom unit, the maximum rent allowed under the voucher program is $2350 per month. Considering the Zillow median price of $395,751, the potential cash flow from such investments would be minimal if the property were to be rented at the FMR level. The investment grade would be low due to the mismatch between the FMR and the actual market rates, which could lead to financial challenges for investors relying solely on Section 8 vouchers. #### Specific Actionable Insights 1. **Target Lower-Rent Properties**: Investors should focus on acquiring properties that can be rented out at or below the FMR levels. For example, a two-bedroom unit priced at $2350 per month would be attractive to Section 8 voucher holders. This strategy requires careful selection of properties that are older or located in less desirable areas where the rent can be kept within the FMR guidelines. 2. **Consider Mixed-Income Developments**: To maximize returns, investors might consider developing mixed-income properties where some units are reserved for Section 8 voucher holders, while others are rented at market rates. This approach allows for diversification of tenant types and helps balance the financial impact of renting at FMR levels. #### Bottom Line Given the high price-to-FMR ratio and the tight rental market, the recommendation for Section 8-focused investors in ZIP code 89141 is to **skip** this area. The mismatch between the FMR and the actual market rates makes it challenging to achieve positive cash flow when targeting only Section 8 voucher holders. Additionally, the limited number of renters who use vouchers (26.5%) and the high occupancy rate suggest that there is insufficient demand for FMR-priced units to support a profitable investment strategy. Investors seeking to capitalize on Section 8 vouchers would be better served by exploring other ZIP codes with a more favorable balance between FMR and market rates.

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.