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 | $1,360 |
| 1 Bedroom | $1,560 |
| 2 Bedrooms | $1,960 |
| 3 Bedrooms | $2,620 |
| 4 Bedrooms | $3,030 |
| 5 Bedrooms | $3,515 |
| 6 Bedrooms | $3,937 |
| 7 Bedrooms | $4,252 |
| 8 Bedrooms | $4,465 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,560 | $239,967 | 0.65% | D |
| 2BR | $1,960 | $534,401 | 0.37% | F |
| 3BR | $2,620 | $600,077 | 0.44% | F |
| 4BR | $3,030 | $723,033 | 0.42% | F |
| 5BR | $3,515 | $897,239 | 0.39% | F |
U.S. Census Bureau data (2024)
The ZIP code 89523 in Reno, NV, has a population of 37,130 residents, with 39.2% being renters. This indicates that it is a moderately renter-heavy area, but not overwhelmingly so. The median household income stands at $99,061, which provides a basis for understanding the economic context of the tenants. The market rent for the area is $2,196, representing a significant portion of the average income.
To be precise, typical rent consumes approximately 22.2% of the median household income. This calculation is derived from dividing the market rent by the median income and multiplying by 100. Given the Fair Market Rent (FMR) for the fiscal year 2024 is set at $1,760, there is a notable gap between the market rent and the FMR, suggesting that tenants relying on vouchers may find it challenging to cover the full rent in this area without additional financial support.
The disparity between the market rent and the FMR implies that while there might be a demand for housing vouchers, the supply could be limited due to the higher cost of living in the area compared to what the vouchers cover. Landlords in ZIP 89523 can expect tenants who either have a combination of income and voucher assistance, or those who are willing to pay a higher portion of their income towards rent. These tenants will likely be aware of the local rental market dynamics and may prioritize finding affordable housing options.
In summary, while ZIP 89523 is a renter-heavy area, the high market rents relative to the FMR suggest that landlords should prepare for a mix of tenants using vouchers and those paying out-of-pocket. The expected tenant will need to manage a substantial share of their income towards housing costs, highlighting the importance of thorough screening processes to ensure stability and reliability in the payment of rent.
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.