Location: Monroe County, AR | Metro: Monroe County, AR
| Unit Size | Monthly FMR |
|---|---|
| Studio | $650 |
| 1 Bedroom | $690 |
| 2 Bedrooms | $910 |
| 3 Bedrooms | $1,080 |
| 4 Bedrooms | $1,270 |
| 5 Bedrooms | $1,473 |
| 6 Bedrooms | $1,650 |
| 7 Bedrooms | $1,782 |
| 8 Bedrooms | $1,871 |
U.S. Census Bureau data (2024)
The ZIP code 72029 is primarily a renter-heavy area, with 35.6% of its population renting their homes. This percentage indicates a significant demand for rental properties, suggesting that there could be a robust pool of potential Section 8 tenants. The median household income stands at $35,515, which is notably lower than the Fair Market Rent (FMR) threshold for the metro area, set at $880 per month for FY 2026.
The average market rent in this ZIP code is $611 per month. This figure represents approximately 17.2% of the median household income, indicating that typical rents are relatively affordable for local residents. However, when compared to the FMR of $880, it becomes evident that the rental costs are significantly below the federal guideline, which could attract a higher number of voucher holders seeking housing.
Landlords in ZIP 72029 should anticipate a tenant profile characterized by individuals and families who rely on Section 8 vouchers to afford housing. These tenants will likely have incomes that are less than 50% of the area median income, as required by the program. Given the discrepancy between the local market rent and the FMR, it's clear that this area has a strong need for subsidized housing options.
To summarize, ZIP 72029 is well-suited for landlords looking to participate in the Section 8 program due to its high percentage of renters and lower median income levels. The typical rent of $611 consumes a reasonable portion of the local income, making it feasible for voucher holders to find suitable accommodation within this ZIP code.
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.