Location: Las Vegas-Henderson-North Las Vegas, NV | Metro: Las Vegas-Henderson-North Las Vegas, NV MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,310 |
| 1 Bedroom | $1,440 |
| 2 Bedrooms | $1,690 |
| 3 Bedrooms | $2,320 |
| 4 Bedrooms | $2,660 |
| 5 Bedrooms | $3,086 |
| 6 Bedrooms | $3,456 |
| 7 Bedrooms | $3,732 |
| 8 Bedrooms | $3,919 |
ZIP code 89157, located within the Las Vegas-Henderson-North Las Vegas, NV MSA, has a Fair Market Rent (FMR) of $1640 for fiscal year 2024. This figure places it below the average market rent for typical ZIP codes in the broader metro area, where rents generally range higher. The lack of data on market rent and home values suggests that 89157 might be less developed or have fewer listings compared to other areas in the metro, which could indicate it is a niche market.
Given the FMR of $1640, it can be inferred that ZIP 89157 is likely a value pocket within the Las Vegas MSA. Value pockets are characterized by lower-than-average rental costs, making them attractive to tenants seeking affordable housing options. The absence of specific market rent and home value data implies that there may be limited private market competition, further supporting the notion that it is a value pocket.
The unknown percentage of renter share also points towards an area that may cater more to renters rather than homeowners. In many cases, a high renter share with below-average home values can signal a Section 8 sweet spot, where there is a significant demand for affordable rental units. However, without concrete figures on renter share and home values, we cannot definitively state that 89157 fits this description. It remains a potential value pocket due to its lower FMR.
To provide a clearer picture of how ZIP 89157 compares to other ZIP codes within the Las Vegas MSA, specific data on market rent and home values would be beneficial. Landlords and small-portfolio investors should consider this ZIP code as a potentially lucrative investment opportunity, especially if they are willing to navigate the nuances of Section 8 tenancy.
Data Sources: FMR data from HUD (2027).
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.