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 | $1,200 |
| 1 Bedroom | $1,340 |
| 2 Bedrooms | $1,570 |
| 3 Bedrooms | $2,180 |
| 4 Bedrooms | $2,490 |
| 5 Bedrooms | $2,888 |
| 6 Bedrooms | $3,235 |
| 7 Bedrooms | $3,494 |
| 8 Bedrooms | $3,669 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,570 | $237,878 | 0.66% | D |
| 3BR | $2,180 | $355,457 | 0.61% | D |
| 4BR | $2,490 | $398,814 | 0.62% | D |
| 5BR | $2,888 | $467,045 | 0.62% | D |
U.S. Census Bureau data (2024)
The Section 8 housing analysis for ZIP code 89156 in Las Vegas, NV, highlights a significant disparity between the Fair Market Rent (FMR) and the Zillow Observed Rent Index (ZORI). For fiscal year 2024, the FMR stands at $1,360, while the ZORI indicates a market rent of $1,630. This results in a gap of $270, or approximately 16.4%, between what landlords can charge through traditional means and what they might receive via Section 8 vouchers.
Given that the FMR is less than the market rent, it becomes evident that landlords accepting Section 8 vouchers will be renting their properties below the open-market rates. In the broader context of Las Vegas, where 38.0% of residents are renters and the median income is $69,767, this discrepancy poses a financial challenge for landlords. The median home value in the area is $360,698, indicating a relatively affordable market compared to other major cities, but still presenting maintenance and operational costs that need to be covered.
Landlords must carefully consider the implications of this gap. Renting at the FMR rate means a landlord would earn $1,360 per month, whereas renting at the market rate yields $1,630 per month. Over the course of a year, this difference amounts to $3,240 less income for a landlord choosing to participate in the Section 8 program. This lower rental income can impact profitability, especially when factoring in the higher administrative and compliance costs associated with managing voucher tenants.
In summary, while the Section 8 program offers a stable tenant base and guaranteed rent payments, the financial analysis in ZIP 89156 shows a clear trade-off. Landlords must weigh the benefits of reduced vacancy and turnover against the lower rental income and additional management costs. The decision to accept Section 8 vouchers should be made with an understanding of these economic realities.
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.