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 | $1,260 |
| 1 Bedroom | $1,380 |
| 2 Bedrooms | $1,620 |
| 3 Bedrooms | $2,230 |
| 4 Bedrooms | $2,550 |
| 5 Bedrooms | $2,958 |
| 6 Bedrooms | $3,313 |
| 7 Bedrooms | $3,578 |
| 8 Bedrooms | $3,757 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,620 | $203,931 | 0.79% | D |
| 3BR | $2,230 | $403,517 | 0.55% | F |
| 4BR | $2,550 | $558,844 | 0.46% | F |
| 5BR | $2,958 | $727,969 | 0.41% | F |
U.S. Census Bureau data (2024)
ZIP code 89146, located in Las Vegas, NV, falls within the broader Las Vegas-Henderson-North Las Vegas, NV MSA. Its Fair Market Rent (FMR) for fiscal year 2024 is set at $1,580, while the market rent is slightly lower at $1,494. The median home value in this ZIP is $400,951, and 58.6% of residents are renters.
To contextualize these figures, consider that the typical ZIP code within the Las Vegas-Henderson-North Las Vegas, NV MSA has an FMR closer to the area's average, which is generally around $1,400-$1,500. The market rent in 89146 is just below this range, suggesting it is not significantly overpriced compared to the rest of the metro. However, the FMR being higher than the market rent could indicate a subsidized rental market presence, such as Section 8 vouchers, which is common in areas with a substantial renter population.
The median home value of $400,951 is indicative of a middle-tier neighborhood within the metro. Home values in the Las Vegas-Henderson-North Las Vegas, NV MSA can range widely, but values around $300,000-$500,000 are considered average. This suggests that 89146 is neither a value pocket nor a premium sub-market, but rather a typical neighborhood in terms of property prices.
A notable point is the high renter share of 58.6%. This percentage is above the national average and signifies a strong demand for rentals. Coupled with the FMR being higher than the market rent, this could suggest that 89146 is a sweet spot for landlords who accept Section 8 vouchers, as it combines a high proportion of potential voucher users with housing prices that are still reasonable within the metro context.
In summary, ZIP 89146 appears to be a mid-tier neighborhood within the Las Vegas-Henderson-North Las Vegas, NV MSA. It offers opportunities for landlords who are willing to engage with subsidized housing programs due to its high renter share and slightly elevated FMR relative to market rent.
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.