84603

ZIPSAFMR

Utah County, UT

ZIP Investment Score

095130300

BR	FMR	Eff. Rent	3Y CAGR
0 BR	$1,190	$900	3.0%
1 BR	$1,200	$1,030	2.9%
2 BR	$1,370	$1,430	2.8%
3 BR	$1,900	$1,950	2.2%
4 BR	$2,290	$2,320	2.3%
5 BR	$2,634	Not available	2.3%
6 BR	$3,029	Not available	2.3%
7 BR	$3,483	Not available	2.3%
8 BR	$4,005	Not available	2.3%

Purchase Price Calculator

Maximum purchase price

$150,581

Cost breakdown

+Likely effective rent$1,430

HUD FMR$1,370

Market rent$1,470

Est. payment standard (105%)Used$1,430

-Principal and interest-$761

Loan amount$120,465

Down payment$30,116

Rate6.50%

Term30 years

-Operating costs-$469

Property taxes-$151

Insurance-$175

Utilities$0

HOA$0

Management-$143

=Target cash flow+$200

Calculation mode

BedroomsCash-flow target

Down payment methodDown payment %

HOA / mo

Utilities methodUtilities amount

Management methodManagement % of rent

Hold period projections

Annual appreciation rate

3-year hold

+$23,094(76.7% ROI)

Projected value

$162,159

Return breakdown

Property appreciation+$11,578

Loan principal paid down+$4,316

Rental cash flow+$7,200

5-year hold

+$39,484(131.1% ROI)

Projected value

$170,368

Return breakdown

Property appreciation+$19,788

Loan principal paid down+$7,697

Rental cash flow+$12,000

10-year hold

+$84,515(280.6% ROI)

Projected value

$192,756

Return breakdown

Property appreciation+$42,175

Loan principal paid down+$18,339

Rental cash flow+$24,000

Public Housing Authority

Rolodex

Market Alignment

Studio

1.32ratio

FMR$1,190

Market$900

vs market+$290

FMR is above market; underwrite to market rent.

1.32

1 BR

1.17ratio

FMR$1,200

Market$1,030

vs market+$170

FMR is above market; underwrite to market rent.

1.17

2 BR

0.93ratio

FMR$1,370

Market$1,470

vs market-$100

FMR is near market; voucher and private rents are aligned.

0.93

3 BR

0.96ratio

FMR$1,900

Market$1,980

vs market-$80

FMR is near market; voucher and private rents are aligned.

0.96

4 BR

0.98ratio

FMR$2,290

Market$2,330

vs market-$40

FMR is near market; voucher and private rents are aligned.

0.98

0.700.800.901.001.101.201.30aligned range

Historical

FY 2023-2027

FMR: FY2027
Market rent: last ~365 days
Property value: --
Tax rate: --
Mortgage rate: --

ZIP 84603 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 84603 (Provo, UT) is $1,370 a month. That is down 6.8% from $1,470 in FY 2026. Provo is in the Provo-Orem-Lehi, UT MSA. 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 metro-wide two-bedroom FMR of $1,363. Among 28 ZIP codes in Utah County, 84603 is tied for the 15th-highest two-bedroom rent (county range $1,320–$1,980). The median county two-bedroom FMR in Utah is $1,158, so ZIP 84603 is 18% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 84603
Bedrooms	FY 2026	FY 2027	Change	90–110% range
Studio	$1,270	$1,190	−6.3%	$1,071–$1,309
1BR	$1,270	$1,200	−5.5%	$1,080–$1,320
2BR	$1,470	$1,370	−6.8%	$1,233–$1,507
3BR	$2,040	$1,900	−6.9%	$1,710–$2,090
4BR	$2,470	$2,290	−7.3%	$2,061–$2,519

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 84603
Fiscal year	Studio	1BR	2BR	3BR	4BR
FY 2027	$1,190	$1,200	$1,370	$1,900	$2,290
FY 2026	$1,270	$1,270	$1,470	$2,040	$2,470
FY 2025	$1,170	$1,180	$1,360	$1,910	$2,280
FY 2024	$1,090	$1,100	$1,260	$1,780	$2,140
FY 2023	$1,000	$1,010	$1,160	$1,650	$1,980

Two-bedroom rent in nearby Utah County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code	2 bedroom	vs. 84603
84601	$1,320	−3.6%
84602	$1,320	−3.6%
84603Current	$1,370	—
84604	$1,580	+15.3%
84605	$1,370	0.0%
84606	$1,330	−2.9%
84626	$1,320	−3.6%
84629	$1,320	−3.6%
84633	$1,320	−3.6%
84651	$1,400	+2.2%
84653	$1,420	+3.6%
84655	$1,320	−3.6%

Questions about ZIP 84603 rents

How much will Section 8 pay for a two-bedroom in ZIP 84603?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,363, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,227 to $1,499 a month; under the ZIP-level Small Area FMR of $1,370 it would be $1,233 to $1,507. 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 84603 in?

ZIP 84603 is in the Provo-Orem-Lehi, UT MSA. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,363.

How much did fair market rent change in ZIP 84603 for FY 2027?

The two-bedroom FMR fell 6.8%, from $1,470 in FY 2026 to $1,370 in FY 2027. Since FY 2023 it has risen 18.1%.

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

County fair market rent Provo, UT fair market rent UT statewide rents What is SAFMR?Data sources