Location: Conway County, AR | Metro: Conway County, AR
| Unit Size | Monthly FMR |
|---|---|
| Studio | $630 |
| 1 Bedroom | $700 |
| 2 Bedrooms | $910 |
| 3 Bedrooms | $1,260 |
| 4 Bedrooms | $1,520 |
| 5 Bedrooms | $1,763 |
| 6 Bedrooms | $1,975 |
| 7 Bedrooms | $2,133 |
| 8 Bedrooms | $2,240 |
U.S. Census Bureau data (2024)
The ZIP code 72027 has a population of 1,437 residents, with 17.1% being renters. This indicates that the area is primarily dominated by homeowners rather than renters. The median household income stands at $61,450, which provides context for evaluating the rental market dynamics.
The market rent in this ZIP code is $1,313 per month. Given the median household income, this means that the average rent consumes approximately 26.7% of the monthly income. This calculation is derived from dividing the annual median income by 12 months ($61,450 / 12 = $5,120.83), then dividing the market rent by this monthly income figure ($1,313 / $5,120.83 * 100 = 25.6%). For many households, this percentage can be considered high, potentially limiting the number of eligible Section 8 tenants.
The Fair Market Rent (FMR) for the metro area is set at $920 for fiscal year 2026. This is significantly lower than the current market rent of $1,313, indicating a gap between government-subsidized rates and actual market conditions. Landlords who wish to attract Section 8 tenants will need to either reduce their rent to align with the FMR or find ways to offset the difference through other means, such as improving property efficiency or reducing overhead costs.
In terms of the tenant profile, landlords in ZIP 72027 should expect to encounter tenants who are likely to have additional sources of income beyond just the Section 8 voucher to cover the higher rent. These tenants may include those with part-time employment, multiple incomes, or those willing to pay the difference between the FMR and the market rent out-of-pocket. It's also important to note that due to the relatively low percentage of renters, competition for Section 8 vouchers might be less intense compared to areas with a higher concentration of renters.
To summarize, while ZIP 72027 is not heavily populated with renters, there is still a segment of the population that could benefit from and utilize Section 8 vouchers. However, the high rent-to-income ratio suggests that landlords must be prepared to work with tenants who can supplement the voucher amount or adjust their rental pricing to better match the FMR to attract a larger pool of potential Section 8 tenants.
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.