Location: Reno, NV | Metro: Reno, NV HUD Metro FMR Area
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 | $1,500 |
| 1 Bedroom | $1,710 |
| 2 Bedrooms | $2,150 |
| 3 Bedrooms | $2,870 |
| 4 Bedrooms | $3,330 |
| 5 Bedrooms | $3,863 |
| 6 Bedrooms | $4,327 |
| 7 Bedrooms | $4,673 |
| 8 Bedrooms | $4,907 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,710 | $224,432 | 0.76% | D |
| 2BR | $2,150 | $382,862 | 0.56% | F |
| 3BR | $2,870 | $469,076 | 0.61% | D |
| 4BR | $3,330 | $533,934 | 0.62% | D |
| 5BR | $3,863 | $690,151 | 0.56% | F |
U.S. Census Bureau data (2024)
1810 is the Fair Market Rent (FMR) for ZIP 89434, Sparks, NV, for fiscal year 2024, indicating the maximum amount a landlord can charge for a Section 8 voucher. 1979 is the Zillow Observed Rent Index (ZORI), showing the average market rent in the area. This suggests that landlords participating in the Section 8 program will see a slight decrease in rental income compared to the market rate. 471,077 represents the median home value in the area, which is a critical figure for investors considering property purchases. 37.0% is the percentage of residents who are renters, pointing to a significant portion of the population potentially eligible for Section 8 vouchers. 91,507 is the median income in ZIP 89434, providing insight into the economic status of the residents. 10 days is the typical duration for a property to be on the market before it is rented, known as the Days on Market (DOM). 0.2% is the share of listings that have been price-cut, reflecting a competitive but stable rental market.
The gap between the FMR at 1810 and the market rent at 1979 indicates a modest premium for landlords outside of the Section 8 program. However, the low Days on Market figure of 10 suggests that properties listed under the Section 8 program would likely rent quickly. The minimal price-cut share of 0.2% further supports the idea of a robust demand for rental properties in this area. Given the median home value of 471,077 and the median income of 91,507, the financial health of the area appears favorable for both landlords and tenants.
Investors should consider these figures when evaluating the potential returns and risks associated with the Section 8 program in ZIP 89434. The relatively low difference between the FMR and market rent, coupled with a quick rental cycle, makes the area attractive for those willing to participate in the program. Additionally, the high renter share of 37.0% ensures a steady pool of tenants.
Verdict: ZIP 89434 presents a viable opportunity for landlords interested in the Section 8 program, with strong demand and manageable financial parameters.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.