Location: Hot Spring County, AR | Metro: Hot Spring County, AR
| Unit Size | Monthly FMR |
|---|---|
| Studio | $730 |
| 1 Bedroom | $760 |
| 2 Bedrooms | $990 |
| 3 Bedrooms | $1,300 |
| 4 Bedrooms | $1,400 |
| 5 Bedrooms | $1,624 |
| 6 Bedrooms | $1,819 |
| 7 Bedrooms | $1,965 |
| 8 Bedrooms | $2,063 |
U.S. Census Bureau data (2024)
The ZIP code 71942 is characterized by a relatively low percentage of renters at 14.9%, indicating that it is primarily a homeowner-dominated area rather than one with a heavy concentration of renters. This suggests that the demand for rental properties using Section 8 vouchers will be less intense compared to areas with higher percentages of renters.
Average market rents in ZIP 71942 are not specified, but we can infer that the typical rent would likely be below the Fair Market Rent (FMR) of $920, which is set for the fiscal year 2026 in the metropolitan area. Given the median household income of $87,560, the average renter's share of income dedicated to rent would be lower than in areas with higher rent burdens. For instance, if we assume a conservative rent burden of 30% of the median income, the typical rent would be around $26,268 annually or approximately $2,189 monthly. However, this is an assumption based on the income level and not actual market rent data.
The FMR of $920 indicates the maximum amount of rent that a Section 8 voucher holder can pay in this ZIP code. Landlords in 71942 should expect tenants who are seeking affordable housing options and are likely to have household incomes that do not exceed 50% of the Area Median Income (AMI), which is a common threshold for eligibility for Section 8 vouchers. In this case, tenants would typically have incomes below $43,780 per year, significantly lower than the median household income of the area.
Given these factors, landlords in ZIP 71942 should anticipate a tenant pool that is financially constrained and relies heavily on government assistance to cover housing costs. These tenants will be looking for properties that are within their budgetary constraints and are willing to comply with the requirements of the Section 8 program. It is important for landlords to understand the intricacies of the Section 8 program to ensure smooth tenancy and compliance with federal guidelines.
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.