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 |
The Fair Market Rent (FMR) for ZIP code 89180 in Nevada for fiscal year 2024 is set at $1640. This figure represents the maximum amount that a landlord can charge for a Section 8 rental unit in this area, but it's important to note that this is not necessarily the rent that tenants will pay. The actual rent paid by tenants is determined by their income and typically cannot exceed 40% of their monthly income.
In ZIP 89180, the local median rent is currently listed as N/A, which means that the FMR of $1640 provides a benchmark for rental pricing. If the local median rent is below $1640, landlords might find it beneficial to participate in the Section 8 program as they can potentially charge closer to the FMR. However, if the local median rent exceeds $1640, landlords should be aware that they will not be able to charge above the FMR for Section 8 units.
The percentage of renters who rely on government assistance in ZIP 89180 is N/A%, indicating the level of demand for affordable housing in the area. A higher percentage suggests that there are many potential tenants who could benefit from Section 8 rentals, thus increasing the likelihood of finding suitable occupants.
When acquiring a property for a Section 8 rental in ZIP 89180, the average price per square foot is N/A. This figure helps determine the initial investment required to purchase a rental property. Landlords should ensure that the projected rental income, when compared to the acquisition cost and ongoing expenses such as maintenance and property taxes, aligns with their financial goals and risk tolerance.
Before committing to a Section 8 rental in ZIP 89180, it is crucial to verify that the property meets all the necessary Housing Quality Standards (HQS) set by the Department of Housing and Urban Development (HUD). These standards cover safety, health, and habitability criteria, ensuring that the property is fit for occupancy and complies with local codes and regulations.
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.