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 | $1,490 |
| 1 Bedroom | $1,630 |
| 2 Bedrooms | $1,920 |
| 3 Bedrooms | $2,640 |
| 4 Bedrooms | $3,020 |
| 5 Bedrooms | $3,503 |
| 6 Bedrooms | $3,923 |
| 7 Bedrooms | $4,237 |
| 8 Bedrooms | $4,449 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $2,640 | $451,595 | 0.58% | F |
| 4BR | $3,020 | $532,460 | 0.57% | F |
| 5BR | $3,503 | $650,902 | 0.54% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 89166 is set at $2040 for fiscal year 2024. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 program. It's important to note that this is not the actual rent you will receive; rather, it's the ceiling on what the government considers fair for the area.
Comparing this to the local ZORI (Zillow Observed Rental Index), which also stands at $2,040, you can see that the FMR aligns closely with the market average. This suggests that the government's assessment of fair rent is consistent with what renters are currently paying in the area.
In ZIP 89166, 27.9% of residents are renters. This indicates a strong demand for rental properties, making it an attractive market for landlords. However, the competition is also likely to be high, so having a well-maintained property that meets all Section 8 requirements is crucial.
The median home value in the area is approximately $499,901, which gives you an idea of the acquisition cost for a property in ZIP 89166. While this figure might seem high, remember that the Section 8 program can help ensure steady rental income and reduce vacancy rates.
Before proceeding with your first Section 8 rental, verify that the property meets all the necessary housing quality standards (HQS). These standards include basic safety and habitability criteria such as working plumbing, heating, and electrical systems. Ensuring compliance with HQS is essential to avoid delays and disputes with the housing authority.
With the FMR and ZORI figures being identical, you can expect to charge the same rent whether you participate in Section 8 or not. The 27.9% renter share shows that there are enough potential tenants to fill your property, and the median home value provides a benchmark for the price you should be willing to pay for a property.
In conclusion, the FMR of $2040 for ZIP 89166 sets a clear limit on what you can charge for rent under Section 8, aligning with the local market average. The significant renter population ensures demand, while the median home value offers insight into acquisition costs. Ensure your property meets HQS to avoid complications and to secure your place in the Section 8 program.
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.