Location: Elko County, NV | Metro: Elko County, NV
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 | $1,060 |
| 1 Bedroom | $1,090 |
| 2 Bedrooms | $1,420 |
| 3 Bedrooms | $1,870 |
| 4 Bedrooms | $2,370 |
| 5 Bedrooms | $2,749 |
| 6 Bedrooms | $3,079 |
| 7 Bedrooms | $3,325 |
| 8 Bedrooms | $3,491 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,090 | $194,333 | 0.56% | F |
| 2BR | $1,420 | $270,390 | 0.53% | F |
| 3BR | $1,870 | $356,304 | 0.52% | F |
| 4BR | $2,370 | $425,457 | 0.56% | F |
| 5BR | $2,749 | $496,569 | 0.55% | F |
U.S. Census Bureau data (2024)
The ZIP code 89801, located in Elko, NV, is characterized by a moderate level of rental activity. With a population of 26,480, approximately 33.0% of residents are renters, indicating that it is not overwhelmingly dominated by homeowners but also not a heavily renter-centric area. The median household income in this ZIP code stands at $82,144, which provides a baseline for understanding the economic context of potential tenants.
The typical market rent in ZIP 89801 is $1,276, representing about 15.5% of the median household income. This suggests that while rent is a significant expense, it remains manageable for many residents. Comparatively, the Fair Market Rent (FMR) for the metro area is set at $1,550 (for FY 2026), which is higher than the current market rent, implying that there could be upward pressure on rental prices in the future.
The demand for Section 8 vouchers is likely to be present but not overwhelming. Given the median income and the percentage of renters, landlords can anticipate a mix of tenants, including those who rely on government assistance for housing. However, the majority of tenants are expected to be able to afford market rents without subsidies.
A landlord in ZIP 89801 should prepare for a tenant pool that is primarily made up of individuals and families who can manage their housing costs within the parameters of the median income. While some tenants will have Section 8 vouchers, the overall demand for such assistance is not expected to be high due to the relatively balanced rental and homeowner populations and the current affordability of market rents.
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.