Location: Nevada County, AR | Metro: Lafayette County, AR
| Unit Size | Monthly FMR |
|---|---|
| Studio | $730 |
| 1 Bedroom | $840 |
| 2 Bedrooms | $1,020 |
| 3 Bedrooms | $1,240 |
| 4 Bedrooms | $1,370 |
| 5 Bedrooms | $1,589 |
| 6 Bedrooms | $1,780 |
| 7 Bedrooms | $1,922 |
| 8 Bedrooms | $2,018 |
U.S. Census Bureau data (2024)
The ZIP code 71827 presents an interesting scenario for both renters and landlords. With a median household income of $88,024, residents have a decent financial standing. However, the market rate for rent is currently listed as N/A, indicating a lack of comprehensive data on the exact rental costs in this area.
Despite this, we can analyze the situation using the Fair Market Rent (FMR) standard set by the government, which for ZIP 71827 is $920 per month for the fiscal year 2026. This figure represents the voucher payment standard for the area, giving us a benchmark to consider against the median income.
The affordability gap becomes apparent when comparing the median income to the FMR. A household earning $88,024 annually would have a monthly income of approximately $7,335. Assuming the general rule of thumb that housing costs should not exceed 30% of one's income, this would translate to a maximum affordable rent of around $2,200 per month. Thus, the FMR of $920 is significantly lower than what might be considered affordable based on the median income, suggesting that there could be a substantial number of renters who are capable of paying more than the voucher amount.
With only 3.7% of the population being renters and a total population of 822, the competition among landlords is relatively low. This means that those who choose to accept Section 8 vouchers could potentially secure a larger share of the rental market due to the limited supply of rental properties. However, it also indicates that landlords who do not accept vouchers and instead focus on cash-paying tenants could command higher rents, given the ability of many households to pay above the FMR.
The takeaway for landlords considering their strategy is clear: accepting Section 8 vouchers can be a stable source of income but limits you to the FMR rates. Opting for cash-paying tenants allows for higher rental income, reflecting the true economic potential of the area. Landlords must weigh these factors based on their goals and the specific dynamics of the local rental market.
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.