Location: Elko County, NV | Metro: Elko County, NV
| 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 |
U.S. Census Bureau data (2024)
The ZIP code 89834 is not a renter-heavy area; it has an extremely low percentage of renters at 0.0%, indicating that the vast majority of residents are homeowners. Given the median household income of $160,750, this area is quite affluent, which further supports the notion that it is dominated by homeowners rather than renters.
Market rent data is currently unavailable for this specific ZIP code. However, we can use the Fair Market Rent (FMR) figure to estimate the rental landscape. The FMR for the metro area, as of fiscal year 2026, is set at $1,550. This amount represents a significant portion of the median income when considering that typical rents often consume a smaller percentage of income in such high-income areas. For instance, if we assume a conservative estimate that rent typically consumes about 25% of the median income, then the expected market rent would be around $40,187.50 annually or approximately $3,349 monthly, which is substantially higher than the FMR.
The disparity between the FMR and the potential market rent suggests that Section 8 vouchers are likely to be scarce in this area. Landlords should not anticipate a large number of tenants seeking properties through the Section 8 program due to the limited demand and the relatively low voucher amount compared to the expected market rent.
A landlord in ZIP 89834 should expect tenants who are either part of the rare renter population or those who might have moved into the area and are temporarily renting while they establish themselves. These tenants will likely have incomes closer to the median household income of the area, and they may be looking for short-term rental solutions until they find a property to purchase.
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.