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 72938 stands out due to its unique characteristics, which include a relatively small population of 933 residents. With only 17.1% of the residents renting their homes, the area has a predominantly owner-occupied housing stock. However, the median income of $45,114 suggests that many residents may still be price-sensitive when it comes to housing costs.
The median home value data is not available for ZIP 72938, indicating that the area may have a limited number of home sales transactions, or the data might be skewed due to the small size of the population. This lack of data can make it challenging to assess the overall housing market trends in the area.
Moving on to the voucher economics, the Fair Market Rent (FMR) for ZIP 72938 is set at $890 for fiscal year 2024. In comparison, the market rent based on Census ACS data is slightly higher at $911. This indicates that landlords participating in the Section 8 program may receive rents that are just below the market rate, which could impact their willingness to participate in the program.
The data signature for ZIP 72938 reads as stable. The low percentage of renters suggests that the demand for rental properties, including those supported by Section 8 vouchers, is not high. Additionally, the small difference between the FMR and the market rent implies that the rental market is not experiencing significant volatility. Landlords and small-portfolio investors should carefully consider the potential benefits and drawbacks of accepting Section 8 tenants, given the economic conditions and the limited rental market in this ZIP code.
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.