Section 8 Fair Market Rent (FMR) for ZIP 85007 - 2027
Location: Phoenix-Mesa-Chandler, AZ | Metro: Phoenix-Mesa-Chandler, AZ MSA
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $1,080 |
| 1 Bedroom | $1,170 |
| 2 Bedrooms | $1,380 |
| 3 Bedrooms | $1,870 |
| 4 Bedrooms | $2,120 |
| 5 Bedrooms | $2,459 |
| 6 Bedrooms | $2,754 |
| 7 Bedrooms | $2,974 |
| 8 Bedrooms | $3,123 |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$63,616
Housing Authorities Serving ZIP 85007
- City of Phoenix Housing Department (Phoenix, AZ) - 7,983 Section 8 vouchers
- City of Mesa Housing Authority (Mesa, AZ) - 1,833 Section 8 vouchers
- Housing Authority of Maricopa County (Peoria, AZ) - 1,773 Section 8 vouchers
- Tempe Housing Authority (Tempe, AZ) - 1,203 Section 8 vouchers
- City of Glendale Housing Authority (Glendale, AZ) - 1,141 Section 8 vouchers
- Scottsdale Housing Agency (Scottsdale, AZ) - 780 Section 8 vouchers
- Chandler Housing & Redevelopment Division (Chandler, AZ) - 515 Section 8 vouchers
- Arizona Department of Housing (Phoenix, AZ) - 282 Section 8 vouchers
- Arizona Behavioral Health Corporation (Phoenix, AZ) - 194 Section 8 vouchers
The ZIP code 85007, located in Phoenix, Arizona, offers a vibrant urban environment with easy access to downtown amenities, public transportation, and key employment centers. This area is characterized by a mix of residential neighborhoods, commercial spaces, and multifamily housing, making it attractive for both renters and small-portfolio investors.
- The Fair Market Rent (FMR) for ZIP 85007 in fiscal year 2024 is set at $1,570. This figure represents the maximum amount that a household receiving rental assistance through Section 8 can be charged per month for a standard unit, indicating the price ceiling for subsidized rentals.
- The market rent, as measured by the Zillow Observed Rent Index (ZORI), stands at $1,299. This metric reflects the actual rents being paid by tenants in the area, suggesting that landlords could potentially charge slightly above this average to stay competitive but within reasonable limits.
- The median home value in ZIP 85007 is $411,179. This figure is indicative of the overall real estate market health and can influence property investment decisions, particularly when considering the resale value of single-family homes.
- Renters make up 54.2% of the population in this ZIP code, highlighting a strong demand for rental properties. This high renter share suggests that multifamily investments or rental units might perform well in this area.
- The median income for residents in 85007 is $63,616. This economic indicator helps gauge the affordability of housing for local residents and informs on the potential tenant pool's ability to pay higher rents.
In summary, ZIP 85007 presents a balanced market for rental properties, with a strong demand for rentals and a median income level that supports modest rent increases. The Fair Market Rent provides a benchmark for subsidized housing, while the ZORI indicates the prevailing market rates. Investors should consider these factors when evaluating the potential returns on multifamily or rental investments in this area. The median home value also suggests that there is a solid foundation for property appreciation, although it may not be as significant as in other parts of Phoenix.
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.