Location: St. Francis County, AR | Metro: Lee County, AR
| Unit Size | Monthly FMR |
|---|---|
| Studio | $680 |
| 1 Bedroom | $730 |
| 2 Bedrooms | $960 |
| 3 Bedrooms | $1,170 |
| 4 Bedrooms | $1,300 |
| 5 Bedrooms | $1,508 |
| 6 Bedrooms | $1,689 |
| 7 Bedrooms | $1,824 |
| 8 Bedrooms | $1,915 |
U.S. Census Bureau data (2024)
In ZIP code 72335, the median income stands at $40,400. Given the market rate for rent at $804 according to the Census ACS, it becomes evident that the average household faces significant challenges in affording housing without financial strain. This situation is further exacerbated when considering the federal payment standard for Housing Choice Vouchers, which is set at $940 for the metro area in fiscal year 2026. The disparity between the median income and both the market rate and voucher payment rates highlights a substantial affordability gap.
The ZIP code has a population of 16,372, with 51.7% of residents being renters. This means that over 8,400 households are already in the rental market, competing for available units. However, the median income is insufficient to cover the market rate rent, let alone the higher voucher payment standard. For landlords, this implies a high level of competition among potential tenants who can afford the market rate, while those relying on vouchers face even greater difficulty in finding suitable accommodation.
The takeaway for landlords is clear: focusing on cash-paying tenants may limit your pool of applicants to only those who can afford the market rate, whereas accepting Housing Choice Vouchers could provide a steady stream of reliable tenants. While the voucher payment of $940 is above the current market rate, it ensures that tenants have the financial stability provided by the government subsidy, reducing the risk of non-payment. Landlords should weigh the benefits of guaranteed income against the administrative requirements of accepting vouchers.
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.