Section 8 Fair Market Rent (FMR) for ZIP 72756 - 2027

Investment Score for ZIP 72756

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	$910
1 Bedroom	$1,010
2 Bedrooms	$1,220
3 Bedrooms	$1,690
4 Bedrooms	$2,000
5 Bedrooms	$2,320
6 Bedrooms	$2,598
7 Bedrooms	$2,806
8 Bedrooms	$2,946

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	$1,220	$260,822	0.47%	F
3BR	$1,690	$330,344	0.51%	F
4BR	$2,000	$485,467	0.41%	F
5BR	$2,320	$747,896	0.31%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 72756 (Rogers, AR) #### Section 8 Voucher Dynamics The Fair Market Rent (FMR) for ZIP code 72756 in Rogers, Arkansas, is set by HUD for 2026. For a two-bedroom unit, the FMR is $1,130. This amount represents 18.8% of the median household income in the area, which is $72,230. However, the Zillow median price for a two-bedroom home in this ZIP code is $256,594, indicating that the average renter is paying significantly more than the FMR when they purchase a home. The price-to-FMR ratio for a two-bedroom unit is 18.9x, meaning that the median home value is nearly 19 times higher than the FMR for renting a similar-sized unit. This suggests that the actual rental market may be somewhat inflated compared to the FMR, creating constraints for voucher holders. Section 8 voucher holders in ZIP 72756 can only afford units up to the FMR, which means they might struggle to find landlords willing to accept their vouchers due to the discrepancy between FMR and market rents. Additionally, the occupancy rate of 90.6% indicates a relatively tight rental market, further complicating the search for affordable housing. #### Affordability & Renter Profile In ZIP 72756, 37.3% of the population are renters, making it a significant portion of the local housing market. With a median household income of $72,230, the typical renter would likely be earning around this level. Given that the FMR for a two-bedroom unit is $1,130, representing 18.8% of the median income, the majority of renters should theoretically be able to afford a two-bedroom unit if they were paying the FMR. However, the reality is that many renters are paying much more due to the high price-to-FMR ratio. The tight rental market, evidenced by the occupancy rate of 90.6%, suggests that there is a strong demand for rental properties. This could mean that landlords have the upper hand in setting rents, potentially leading to higher-than-FMR rents being charged. Consequently, this ZIP code appears to be a challenging environment for low-income renters who rely on Section 8 vouchers, as finding affordable units within the FMR limit could be difficult. #### Investor Angle From an investor perspective, the ZIP code 72756 presents a mixed picture. The FMR for a two-bedroom unit is $1,130, but the actual median rental price is likely much higher given the price-to-FMR ratio. If we assume that the actual rental prices are close to the Zillow median price for a two-bedroom unit, then the potential rental income would be significantly higher than the FMR. However, the FMR serves as a cap for what landlords can charge voucher holders. This means that while the overall rental market may be lucrative, landlords who wish to participate in the Section 8 program must adhere to the FMR limits. For a two-bedroom unit, this limit is $1,130 per month. Considering the median home value is $256,594, the potential cash flow for investors focusing solely on Section 8 tenants would be lower than the broader rental market. To determine the investment grade, we need to consider the potential cash flow against the median home value. If we assume a conservative mortgage rate of 4.5% and a loan-to-value ratio of 80%, the monthly mortgage payment for a $256,594 property would be approximately $1,275. This exceeds the FMR limit for a two-bedroom unit, indicating that the property would not be cash-flow positive for Section 8 tenants alone. Therefore, the investment grade for this ZIP code from a Section 8-focused standpoint is low. #### Specific Actionable Insights 1. **Focus on Multi-Family Units**: Given the high occupancy rate and the fact that the FMR for larger units (e.g., 3BR and 4BR) is also relatively high ($1,570 and $1,860 respectively), investors might consider focusing on multi-family units. These units can provide better cash flow even if individual units are capped at the FMR. For instance, a three-bedroom unit at $1,570 would be more financially viable than a two-bedroom unit at $1,130. 2. **Consider Mixed Tenancy**: To maximize returns, investors could consider a mixed tenancy approach where some units are rented to voucher holders and others to market-rate tenants. This would allow them to leverage the higher market rates while still participating in the Section 8 program. For example, a four-bedroom unit could be rented to a market-rate tenant for $1,860, while a two-bedroom unit could be rented to a Section 8 tenant for $1,130. 3. **Look for Undervalued Properties**: Investors should look for undervalued properties that are below the median home value of $256,594. A property valued at $200,000 would have a lower mortgage payment, making it more feasible to achieve cash flow positivity with Section 8 tenants. At an 80% LTV and 4.5% interest rate, the monthly mortgage payment would be approximately $1,020, which is just under the FMR for a two-bedroom unit. #### Bottom Line For Section 8-focused investors, ZIP code 72756 (Rogers, AR) is a challenging market due to the high price-to-FMR ratio and the tight rental market. The recommendation is to **Skip** this ZIP code unless you can find undervalued properties or are willing to adopt a mixed tenancy strategy. The high cost of properties relative to the FMR makes it difficult to achieve positive cash flow with Section 8 tenants alone, and the overall rental market is likely to be competitive and expensive.

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.