Section 8 Fair Market Rent (FMR) for ZIP 89833 - 2027
Location: Elko County, NV | Metro: Elko County, NV
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $1,050 |
| 1 Bedroom | $1,070 |
| 2 Bedrooms | $1,400 |
| 3 Bedrooms | $1,840 |
| 4 Bedrooms | $2,340 |
| 5 Bedrooms | $2,714 |
| 6 Bedrooms | $3,040 |
| 7 Bedrooms | $3,283 |
| 8 Bedrooms | $3,447 |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$113,864
To determine if you should buy in ZIP code 89833 for Section 8 purposes, follow this decision tree:
- 1) Does the Fair Market Rent (FMR) of $1,530 cover your debt service?
- Yes: Proceed to the next question.
- No: Do not purchase. The FMR does not sufficiently cover the costs associated with owning a property.
- 2) Is the market rent above, at, or below the FMR?
- Above: Consider the difference between market rent and FMR. If the gap is too wide, it might be challenging to find tenants willing to pay the higher market rate. However, if the property can attract non-Section 8 tenants, it could still be a good investment.
- At: This aligns perfectly with the FMR. You can expect steady demand from Section 8 tenants, assuming other factors are favorable.
- Below: This suggests that market conditions favor Section 8 tenants. It might be easier to fill vacancies, but ensure that the lower rent still covers operational costs.
- 3) Are 0.0% of the residents renters and with an average of N/A days on the market (DOM), enough demand?
- 0.0% renters: This indicates that there is no rental market in this area. It would be unwise to invest in a property intended for Section 8 tenants when there is no rental activity.
- N/A DOM: Without specific data on the number of days properties are on the market, it's impossible to gauge the speed at which properties are rented. A low DOM suggests strong demand, while a high DOM indicates weak demand.
The key issues here are the lack of rental market presence and missing critical data points such as market rent and DOM. For a solid investment decision, these gaps must be filled. If the market rent is indeed close to or exceeds the FMR and there is a substantial rental market, then investing could be viable. Otherwise, the risks outweigh the benefits.
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.