Not enough rental comps in this area to determine how FMR aligns with current market rates.
Historical
FY 2023-2027
FMR
FY2027
Property value
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Tax rate
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Mortgage rate
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ZIP 83229 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 83229 (Cobalt, ID) is $1,040 a month. That is up 5.1% from $990 in FY 2026. Cobalt is in the Lemhi County, ID non-metropolitan FMR area. HUD also publishes the ZIP-level Small Area FMRs shown here, but unless the local housing authority has adopted them, vouchers are based on the county-wide two-bedroom FMR of $1,037. Among 12 ZIP codes in Lemhi County, 83229 is tied for the 7th-highest two-bedroom rent (county range $1,040–$1,280). The median county two-bedroom FMR in Idaho is $1,127, so ZIP 83229 is 8% below it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 83229
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$860
$890
+3.5%
$801–$979
1BR
$880
$900
+2.3%
$810–$990
2BR
$990
$1,040
+5.1%
$936–$1,144
3BR
$1,380
$1,440
+4.3%
$1,296–$1,584
4BR
$1,660
$1,740
+4.8%
$1,566–$1,914
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 83229
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$890
$900
$1,040
$1,440
$1,740
FY 2026
$860
$880
$990
$1,380
$1,660
FY 2025
$720
$820
$930
$1,260
$1,580
FY 2024area FMR
$681
$733
$928
$1,245
$1,564
FY 2023area FMR
$637
$641
$844
$1,142
$1,431
Marked years use a different HUD benchmark than FY 2027, so they are not a like-for-like change.
How much will Section 8 pay for a two-bedroom in ZIP 83229?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the county-wide two-bedroom FMR of $1,037, which applies unless the housing authority uses Small Area FMRs, that basic range is $933 to $1,141 a month; under the ZIP-level Small Area FMR of $1,040 it would be $936 to $1,144. The voucher pays the lower of the payment standard or the gross rent, minus the tenant's share, which is usually about 30% of adjusted monthly income. Confirm the local housing authority's current schedule before underwriting.
Which HUD fair market rent area is ZIP 83229 in?
ZIP 83229 is in the Lemhi County, ID non-metropolitan FMR area. Small Area FMRs are optional here; the county-wide two-bedroom FMR is $1,037.
How much did fair market rent change in ZIP 83229 for FY 2027?
The two-bedroom FMR rose 5.1%, from $990 in FY 2026 to $1,040 in FY 2027. Since FY 2025 it has risen 11.8%.
When do FY 2027 fair market rents take effect?
HUD's FY 2027 fair market rents took effect on October 1, 2026. When FMRs change, housing authorities generally have up to three months to bring payment standards back within 90% to 110% of the new FMR.
Source: HUD FY 2027 Small Area Fair Market Rents and area FMRs. Payment-standard ranges are 90% to 110% of FMR, HUD's basic range, not a housing authority's published schedule. How payment standards are set