Location: Phoenix-Mesa-Chandler, AZ | Metro: Phoenix-Mesa-Chandler, AZ MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,500 |
| 1 Bedroom | $1,610 |
| 2 Bedrooms | $1,870 |
| 3 Bedrooms | $2,470 |
| 4 Bedrooms | $2,740 |
| 5 Bedrooms | $3,178 |
| 6 Bedrooms | $3,559 |
| 7 Bedrooms | $3,844 |
| 8 Bedrooms | $4,036 |
U.S. Census Bureau data (2024)
1970 - The Fair Market Rent (FMR) for ZIP code 85012 in Phoenix, AZ, for fiscal year 2024 is set at $1970. This figure represents the maximum amount that a Section 8 voucher holder can pay for housing under the program.
1576 - In contrast, the actual market rent, as measured by the Zillow Observed Rental Index (ZORI), stands at $1,576. This suggests that landlords participating in the Section 8 program could potentially receive a higher rent payment than the current market average.
658035 - The median home value in the area is $658,035, indicating a relatively stable and valuable real estate market. This stability can be advantageous for landlords looking to maintain property values over time.
60.5 - With a renter share of 60.5%, it's evident that the majority of residents in ZIP 85012 prefer renting over owning, which can be a positive sign for landlords interested in attracting tenants.
86620 - The median household income in the area is $86,620, suggesting that while the cost of living might be moderate, there is still significant demand for affordable rental options.
0.3 - Only 0.3% of listings have been marked down in price, reflecting a strong market where properties generally hold their value without needing adjustments to attract buyers or renters.
Based on these figures, landlords and small-portfolio investors in ZIP 85012 can expect a favorable environment for Section 8 participation, with higher rents than market rates and a high demand for rental properties.
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.