Location: Lincoln County, AR | Metro: Jefferson County, AR
| Unit Size | Monthly FMR |
|---|---|
| Studio | $690 |
| 1 Bedroom | $720 |
| 2 Bedrooms | $910 |
| 3 Bedrooms | $1,230 |
| 4 Bedrooms | $1,250 |
| 5 Bedrooms | $1,450 |
| 6 Bedrooms | $1,624 |
| 7 Bedrooms | $1,754 |
| 8 Bedrooms | $1,842 |
U.S. Census Bureau data (2024)
The ZIP code 71644 presents a challenging landscape for renters and landlords alike. The median income in this area stands at $76,113, while the market rate for rent is $771 according to the Census ACS. This suggests that even at the median income level, households face a tight budget to cover their housing costs, with rent nearly matching their monthly income.
In comparison, the Fair Market Rent (FMR) set by the Housing Choice Voucher program for ZIP 71644 in fiscal year 2024 is $810. This means that the voucher payment standard is slightly higher than the market rate, potentially offering a slight advantage to landlords who accept vouchers. However, it also indicates that the gap between what renters can afford and what they would need to pay under the voucher program is minimal, putting pressure on both renters and landlords.
With 30.0% of the 462 residents being renters, the competition among landlords could be fierce. Given the close alignment between median income and rent rates, there is a significant affordability gap that could affect how quickly units are leased and the willingness of renters to move into an area where costs are high relative to income. Landlords should consider the balance between accepting vouchers, which guarantee timely payments but may limit the pool of potential tenants, and relying on cash-paying tenants who might have more flexibility but pose a greater risk of default due to the financial strain of covering rent with limited income.
The takeaway for landlords is clear: ZIP 71644 is a market where affordability is a key concern. Accepting vouchers can provide a steady stream of rental income and reduce the risk of vacancies, especially given the slight premium over market rates. However, landlords must weigh this against the administrative burden and the limited pool of voucher holders. For those willing to attract cash-paying tenants, pricing strategically below the market rate or offering incentives could enhance competitiveness and speed up lease signings.
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.