Location: Elko County, NV | Metro: Elko County, NV
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,040 |
| 1 Bedroom | $1,070 |
| 2 Bedrooms | $1,390 |
| 3 Bedrooms | $1,830 |
| 4 Bedrooms | $2,330 |
| 5 Bedrooms | $2,703 |
| 6 Bedrooms | $3,027 |
| 7 Bedrooms | $3,269 |
| 8 Bedrooms | $3,432 |
U.S. Census Bureau data (2024)
The ZIP code 89823 has a population of 594 residents, with only 4.0% identified as renters. This indicates that the area is predominantly homeowner-dominated rather than a renter-heavy zone. The median household income stands at $83,491, which is relatively high. However, the specific market rent figures for this ZIP code are not available, making it difficult to calculate the exact percentage of income that goes towards rent. Despite this, we can compare the median income to the Fair Market Rent (FMR) set by HUD for the metro area, which is $1,500 per month for FY 2026.
In such an environment, landlords can expect a tenant pool that is likely to be smaller due to the low percentage of renters. Given the high median income, typical renters might find the FMR to consume a lower percentage of their monthly earnings compared to areas with lower median incomes. For instance, a household earning $83,491 annually would have a monthly income of approximately $6,957.50, meaning that the $1,500 FMR represents about 21.5% of their monthly income.
The scarcity of voucher demand in this area suggests that landlords will encounter fewer applicants using Section 8 vouchers. Instead, they should anticipate tenants who are financially stable and capable of paying market rates without government assistance. These tenants are likely to be individuals or families who prefer renting over owning, possibly due to lifestyle choices, job flexibility, or short-term residency plans.
To summarize, ZIP 89823 is not a strong candidate for landlords focusing on Section 8 tenants. With only 4.0% of the population renting and a median income significantly higher than the FMR, the demand for subsidized housing is expected to be low. Landlords should prepare for a tenant base that is less reliant on rental assistance programs and more inclined to pay market rents based on their financial capabilities.
Data Sources: FMR data from HUD (2027). 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.