Location: Jonesboro, AR | Metro: Jonesboro, AR HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $890 |
| 1 Bedroom | $900 |
| 2 Bedrooms | $1,080 |
| 3 Bedrooms | $1,420 |
| 4 Bedrooms | $1,420 |
| 5 Bedrooms | $1,647 |
| 6 Bedrooms | $1,845 |
| 7 Bedrooms | $1,993 |
| 8 Bedrooms | $2,093 |
The analysis of ZIP code 72402, located within the Jonesboro, AR HUD Metro FMR Area, reveals several key points for potential real estate investments targeting Section 8 tenants.
The Fair Market Rent (FMR) for the area is set at $940 for fiscal year 2024. However, the market rent data is not available, which makes it challenging to directly compare the two figures. Despite this, landlords can rely on the FMR as a benchmark for setting rental prices that align with government guidelines.
Regarding the affordability of acquisitions, the median home value is not specified, nor are the days on market (DOM) or the percentage of homes that required a price cut. Without these specifics, it's difficult to assess the relative ease or cost of purchasing properties in the area. Landlords should seek additional local real estate data to make informed decisions about property acquisition.
Tenant demand appears to be stable, though the exact population and percentage of renters are not provided. This lack of detail means that while there is likely a pool of potential Section 8 tenants, the size and stability of this demand cannot be quantified without further research into the local demographics.
Verdict: Investing in ZIP 72402 for Section 8 tenants is viable based on the available FMR of $940, but the absence of market rent, median home values, days on market, and percentage of price cuts complicates an assessment of acquisition affordability. Additionally, while tenant demand seems present, the precise scale and characteristics of this demand remain unknown. Landlords should conduct thorough due diligence on local real estate and demographic trends to ensure profitability and sustainability of their investment.
Data Sources: FMR data from HUD (2027).
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.