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 | $1,020 |
| 1 Bedroom | $1,050 |
| 2 Bedrooms | $1,380 |
| 3 Bedrooms | $1,800 |
| 4 Bedrooms | $2,320 |
| 5 Bedrooms | $2,691 |
| 6 Bedrooms | $3,014 |
| 7 Bedrooms | $3,255 |
| 8 Bedrooms | $3,418 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,800 | $224,466 | 0.8% | C |
U.S. Census Bureau data (2024)
34.0% of residents in ZIP code 89835 are renters, indicating a significant demand for rental properties. The Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $1,450, which is higher than the $1,292 average market rent based on Census ACS data. This discrepancy suggests that landlords could potentially increase their rents closer to the FMR without losing tenants, as the market rent is below the threshold deemed fair by HUD. With a median home value of $217,964, the real estate market in this area is moderately priced, making it accessible for both first-time buyers and investors looking to enter the housing market. However, the median income of $105,870 might limit the purchasing power of some potential homeowners, thereby maintaining a steady rental market. The lack of data on days on market (DOM) and the percentage of homes that have had their prices cut implies that the housing market in this area is relatively stable, without the frequent fluctuations seen in more volatile markets. For landlords and small-portfolio investors, the opportunity to leverage the higher FMR against the current market rent presents a clear path to maximizing rental income. Given these factors, the Section 8 program remains a viable option for securing long-term, stable tenancy, especially for units priced at or below the $1,292 market rent. The verdict for Section 8 participation in ZIP 89835 is positive, given the alignment between the FMR and the local rental market dynamics.
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.