Location: Fort Smith, AR | Metro: Fort Smith, AR-OK MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $730 |
| 1 Bedroom | $740 |
| 2 Bedrooms | $970 |
| 3 Bedrooms | $1,310 |
| 4 Bedrooms | $1,610 |
| 5 Bedrooms | $1,868 |
| 6 Bedrooms | $2,092 |
| 7 Bedrooms | $2,259 |
| 8 Bedrooms | $2,372 |
U.S. Census Bureau data (2024)
The ZIP code 72932 is analyzed for its suitability as a pool for Section 8 tenants. With a population of 1,696, only 6.4% of residents are identified as renters, indicating that this area is primarily dominated by homeowners rather than renters. This suggests that the demand for rental properties using housing vouchers, such as those provided through Section 8, is relatively low.
The median household income in ZIP 72932 stands at $59,740. The market rent for the area is pegged at $990, which represents approximately 16.6% of the median household income when calculated annually. This percentage is derived from the formula: ($990 * 12 months) / $59,740 = 16.6%. Given that the Fair Market Rent (FMR) for the fiscal year 2024 is set at $900, the actual market rent in 72932 slightly exceeds the FMR by $90 per month.
Landlords and small-portfolio investors in ZIP 72932 should anticipate a tenant profile that includes individuals who may have limited financial resources but are still above the threshold typically associated with Section 8 eligibility. The higher-than-FMR market rent indicates that while there might be some voucher holders in the area, they will likely represent a smaller segment of the total rental market. Landlords should prepare for tenants who can afford to pay market rates, albeit rates that are closely aligned with the FMR guidelines.
To conclude, the tenant profile expected in this ZIP code would consist mainly of individuals and families who are financially capable of paying the $990 market rent without relying heavily on housing vouchers. While Section 8 vouchers might still play a role in securing tenants, the overall rental market in 72932 is not characterized by deep voucher demand due to its relatively low proportion of renters and higher median income levels.
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.