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 | $1,970 |
| 1 Bedroom | $2,150 |
| 2 Bedrooms | $2,530 |
| 3 Bedrooms | $3,480 |
| 4 Bedrooms | $3,980 |
| 5 Bedrooms | $4,617 |
| 6 Bedrooms | $5,171 |
| 7 Bedrooms | $5,585 |
| 8 Bedrooms | $5,864 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $2,150 | $543,627 | 0.4% | F |
| 2BR | $2,530 | $1,542,837 | 0.16% | F |
U.S. Census Bureau data (2024)
The economics of Section 8 housing in ZIP code 89158, located in Las Vegas, NV, and Clark County, are driven by the SAFMR (Small Area Fair Market Rent) which is specifically tailored to this ZIP code. For a two-bedroom apartment, the SAFMR for FY 2024 is set at $1640. This figure represents the maximum amount that the Housing Choice Voucher program will pay towards the rent for a unit of this size.
Local market rents, however, are significantly higher, with the ZORI (Zillow Observed Rent Index) indicating an average rental price of $2,871 for a similar unit. This difference between the market rate and the SAFMR is where the economics for landlords become interesting.
A landlord participating in the Section 8 program can expect the following breakdown:
Note that the SAFMR is set for this specific ZIP code, meaning it reflects the unique economic conditions of the area. This localized approach ensures that the rates are more representative of the actual cost of living and renting in ZIP 89158 compared to broader county-wide averages.
In ZIP 89158, landlords typically face a reimbursement gap when the market rent exceeds the SAFMR. Given the SAFMR of $1640 and the ZORI of $2,871, there is a significant gap of $1231 that the landlord does not receive from the voucher program. This means landlords must either accept a lower rental income or seek additional tenants who can contribute more towards the rent to close this gap.
To summarize, for a two-bedroom apartment in ZIP 89158, the typical reimbursement gap is $1231, based on the SAFMR of $1640 and the local market rent of $2,871. This gap must be managed by landlords through careful tenant selection or other financial strategies.
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.