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 | $1,220 |
| 1 Bedroom | $1,300 |
| 2 Bedrooms | $1,710 |
| 3 Bedrooms | $2,160 |
| 4 Bedrooms | $2,860 |
| 5 Bedrooms | $3,318 |
| 6 Bedrooms | $3,716 |
| 7 Bedrooms | $4,013 |
| 8 Bedrooms | $4,214 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,710 | $334,843 | 0.51% | F |
| 3BR | $2,160 | $387,235 | 0.56% | F |
| 4BR | $2,860 | $452,929 | 0.63% | D |
| 5BR | $3,318 | $527,243 | 0.63% | D |
U.S. Census Bureau data (2024)
The ZIP code 89815, located in Spring Creek, NV, within Elko County, stands out due to its unique demographic and economic characteristics. With a population of 15,636, only 12.1% of residents are renters, indicating a primarily owner-occupied community. The median income of $102,926 suggests a relatively affluent area compared to national averages. Additionally, the median home value of $400,879 further emphasizes the financial stability of homeowners in this region.
Despite the high median home value, the rental market presents an interesting opportunity for landlords and small-portfolio investors. The Fair Market Rent (FMR) for the metro area for fiscal year 2026 is set at $1,890, while the actual market rent, as measured by ZORI (Zillow Observed Rent Index), is slightly higher at $2,133. This indicates that there is a modest gap between government-assisted rental rates and the market rates, which could be beneficial for landlords who are willing to accept Section 8 vouchers. However, it also suggests that the rental market might be somewhat limited due to the low percentage of renters and the higher median home values.
Based on the data signature, ZIP 89815 appears to be a stable community. The high median income and home values indicate a strong local economy and a solid base of property owners. While the rental market is not as robust as some other areas, the modest difference between FMR and market rents provides a reasonable outlook for those interested in Section 8 properties. Landlords and investors should consider these factors when evaluating the potential returns and risks associated with managing rental properties in this ZIP code.
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.