Section 8 Fair Market Rent (FMR) for ZIP 71940 - 2027

Location: Pike County, AR | Metro: Pike County, AR

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$650
1 Bedroom	$840
2 Bedrooms	$910
3 Bedrooms	$1,260
4 Bedrooms	$1,300
5 Bedrooms	$1,508
6 Bedrooms	$1,689
7 Bedrooms	$1,824
8 Bedrooms	$1,915

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

1,125

Median Household Income

$47,935

Housing Units

697

Renter Percentage

12.8%

Occupancy Rate

79.5%

Renter Occupied

The median income in ZIP code 71940 stands at $47,935, which paints a clear picture of the financial landscape for renters. To afford the market rate rent of $705, a household would need to dedicate approximately 19% of their annual income towards housing costs. This is already a significant portion but becomes even more challenging when compared to the Fair Market Rent (FMR) set at $880 by the metro area for fiscal year 2026.

With only 12.8% of the 1,125 residents being renters, the demand for rental properties is relatively low. However, the disparity between the market rate ($705) and the FMR ($880) indicates a substantial affordability gap for typical households. This means that many potential renters in ZIP 71940 may struggle to find housing that fits within their budget without assistance.

Affordability Gap: The difference between the market rate and the FMR highlights a critical issue. While the market rate is lower, it still represents a considerable expense for most households. The FMR, however, exceeds the market rate by $175 per month, making it more attractive for those receiving rental assistance.
Landlord Competition: Given the limited number of renters, landlords face stiff competition to fill units. Offering competitive pricing while also accepting vouchers can be a strategic move to attract tenants who might otherwise leave the area due to unaffordable rents.

The takeaway for landlords considering their strategy in ZIP 71940 is clear. Accepting vouchers can provide a steady stream of tenants, particularly those who benefit from the higher FMR payments. While cash-paying tenants may offer simplicity, the reality is that the local economy and housing market dynamics favor a diversified approach that includes both cash and voucher tenants to ensure occupancy and stability.

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.