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 |
ZIP code 72403, located within the Jonesboro, AR HUD Metro FMR Area, has a Fair Market Rent (FMR) of $940 for fiscal year 2024. This figure represents the maximum amount that a low-income household participating in the Section 8 housing choice voucher program can pay for rent in this area. To contextualize 72403's position within the broader Jonesboro metro, we need to compare it against other ZIP codes in the same HUD Metro FMR Area.
The lack of specific data on market rent, home values, and renter share for ZIP 72403 makes direct comparisons challenging. However, based on the FMR alone, we can infer that 72403 is likely a mid-tier neighborhood within the Jonesboro metro. Typically, FMRs in the Jonesboro area range between $700 and $1,000, placing 72403 near the upper end of this spectrum but not at the highest levels seen in premium sub-markets.
A value pocket would typically have an FMR below the average for the metro, while a premium sub-market would have an FMR above the average. Since the exact average FMR for the Jonesboro metro is not provided, we cannot definitively classify 72403. However, given that the FMR is $940, it suggests that this ZIP code is not significantly undervalued compared to other areas within the Jonesboro HUD Metro FMR Area.
The absence of a higher-than-average renter share and specific market rent data means that we cannot conclusively identify 72403 as a sweet spot for Section 8 investments. A high renter share coupled with below-metro home values often indicates a strong opportunity for such investments, but without this data, we must rely solely on the FMR to gauge the ZIP code's potential.
In summary, ZIP 72403 appears to be a mid-tier neighborhood within the Jonesboro, AR HUD Metro FMR Area, with an FMR of $940. It lacks the characteristics that would clearly define it as either a value pocket or a premium sub-market. For landlords and small-portfolio investors considering properties in this ZIP code, the FMR provides a solid benchmark for setting rental prices that align with the Section 8 program guidelines.
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.