Section 8 Fair Market Rent (FMR) for ZIP 85002 - 2027

FY 2027 Fair Market Rent Rates

The ZIP code 85002 in Arizona presents a unique challenge when analyzing rental affordability due to the lack of specific data points such as median income and exact market rates. However, we can still frame the situation from a renter's perspective using the available information on the Fair Market Rent (FMR).

A household in 85002 would likely find it difficult to afford the market rate without knowing the precise figure, but we can infer based on the FMR voucher payment standard of $1880 for fiscal year 2024. This means that a government-subsidized voucher holder can expect a payment up to $1880 towards their monthly rent.

Given the absence of detailed demographic data, we cannot provide a percentage of renters or the total population. Nonetheless, the affordability gap between the unknown market rate and the $1880 voucher payment standard suggests a significant disparity. Landlords will face competition from properties that accept vouchers, especially if the market rate exceeds the voucher amount.

The takeaway for landlords considering whether to accept vouchers or focus on cash-paying tenants is clear: accepting vouchers can stabilize occupancy and reduce vacancy rates, particularly in an area where many potential tenants may rely on government assistance. However, landlords must also consider the administrative overhead and potential delays in receiving payments that come with the voucher program. If the local market rate is significantly higher than $1880, landlords might lean towards attracting cash-paying tenants who can afford the higher rents, thus maximizing profitability.

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.