Location: Elko County, NV | Metro: Boise City, ID HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,060 |
| 1 Bedroom | $1,260 |
| 2 Bedrooms | $1,500 |
| 3 Bedrooms | $2,090 |
| 4 Bedrooms | $2,510 |
| 5 Bedrooms | $2,912 |
| 6 Bedrooms | $3,261 |
| 7 Bedrooms | $3,522 |
| 8 Bedrooms | $3,698 |
U.S. Census Bureau data (2024)
The ZIP code 89832, located within Elko County, NV, presents an interesting case when compared against typical ZIP codes in the same county. The Fair Market Rent (FMR) for 89832 stands at $1180 for fiscal year 2024, which is notably higher than the market rent of $528. This discrepancy suggests that 89832 could be considered a value pocket for Section 8 participants, offering a relatively affordable option for those who qualify under the program.
A value pocket typically means that the area offers housing options that are more cost-effective than the surrounding areas, making it attractive for low-income renters who receive rental assistance. In 89832, the FMR is set significantly above the market rent, indicating that landlords who participate in the Section 8 program can potentially charge more than what the local market would otherwise support without assistance.
The 49.0% renter share in 89832 is substantial, suggesting a high demand for rental properties. However, the absence of data on home values complicates the comparison with other ZIP codes in Elko County. Generally, a high renter share combined with below-average home values can signal a strong Section 8 presence, but without specific home value data for other ZIP codes, we cannot definitively conclude that 89832 has lower home values relative to the county average.
Despite the lack of home value data, the disparity between the FMR and the market rent, along with the significant renter share, points towards 89832 being a desirable location for landlords looking to attract Section 8 tenants. It is likely a mid-tier neighborhood, given the higher-than-market FMR but without the premium pricing that might be associated with a wealthier area.
In summary, for landlords and small-portfolio investors, ZIP code 89832 appears to offer a balanced opportunity. It is neither a premium sub-market nor a low-value area, but rather a middle-ground where the potential for stable rental income through the Section 8 program is strong due to the favorable FMR-to-market rent ratio and high renter share.
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.