Section 8 Fair Market Rent (FMR) for ZIP 72223 - 2027

Location: Little Rock-North Little Rock-Conway, AR | Metro: Little Rock-North Little Rock-Conway, AR HUD Metro FMR Area

Investment Score for ZIP 72223

Monthly Rent (2BR)

$1,380

Median Price (2BR)

$307,780

1% Rule

0.45%

Annual Yield

5.38%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,190
1 Bedroom	$1,190
2 Bedrooms	$1,380
3 Bedrooms	$1,850
4 Bedrooms	$2,230
5 Bedrooms	$2,587
6 Bedrooms	$2,897
7 Bedrooms	$3,129
8 Bedrooms	$3,285

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$1,380	$307,780	0.45%	F
3BR	$1,850	$396,859	0.47%	F
4BR	$2,230	$552,615	0.4%	F
5BR	$2,587	$785,636	0.33%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

26,986

Median Household Income

$101,062

Housing Units

12,717

Renter Percentage

38.9%

Occupancy Rate

91.0%

Renter Occupied

4,504

The ZIP code 72223, located in Little Rock, Arkansas, is a vibrant area that offers a mix of residential and commercial opportunities. Known for its accessibility and proximity to urban amenities, this region attracts a diverse population of renters and homeowners alike.

Fair Market Rent (FMR) for ZIP 72223 is set at $1370 for the fiscal year 2024. This figure represents the average rental cost for a two-bedroom apartment and is used to determine eligibility for housing assistance programs.
The market rent, as measured by Zillow's ZORI (Zestimate Owner Occupied Rent Index), is $1,312 per month. This indicates that the actual rental prices in the area are slightly below the FMR, suggesting a balanced market where both affordability and demand are present.
The median home value in ZIP 72223 is $478,527. This reflects the overall property values in the area, which can be indicative of the potential investment returns for those considering purchasing properties.
Renters make up 38.9% of the housing market in this ZIP code. This significant share of renters suggests a steady demand for rental properties, making it a viable option for landlords and small-portfolio investors.
The median household income in ZIP 72223 is $101,062. This higher-than-average income level supports the ability of residents to afford housing costs, including rents and mortgage payments.

In summary, ZIP 72223 presents a stable rental market with a slight edge towards affordability, given the ZORI is below the FMR. The substantial median home value and the high median income suggest that the area has strong financial backing, which can translate into better tenant retention and higher property appreciation. With nearly 40% of the population renting, there is a clear demand for rental units, making this ZIP code an attractive investment opportunity for landlords and small-portfolio investors looking to capitalize on a growing rental sector.

Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.