Location: Phoenix-Mesa-Chandler, AZ | Metro: Phoenix-Mesa-Chandler, AZ MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,400 |
| 1 Bedroom | $1,500 |
| 2 Bedrooms | $1,740 |
| 3 Bedrooms | $2,300 |
| 4 Bedrooms | $2,550 |
| 5 Bedrooms | $2,958 |
| 6 Bedrooms | $3,313 |
| 7 Bedrooms | $3,578 |
| 8 Bedrooms | $3,757 |
Phoenix, AZ (ZIP 85067) represents a thriving suburban community with approximately 45,067 residents. This working-class area is characterized by an affordable housing market, with median home values around $181,943 and a median household income of $50,067.
The median rent in this area is $1,390, while the Fair Market Rent (FMR) for ZIP 85067 in fiscal year 2024 is set at $1,880. This discrepancy highlights the opportunity for landlords and small-portfolio investors to potentially capitalize on the difference between market rents and the subsidized rents provided through the Section 8 program.
The neighborhood fits well for both hands-off voucher operators and hands-on value-add buyers. The 100.1% higher median household income compared to the state average indicates an affluent area, and the home values being 100.4% above the state average suggest a competitive real estate market. However, the safety score of 48/100 suggests higher crime rates, which may require additional safety measures for tenants and properties.
Given the relatively low cost of living index of 59, below the national average of 100, this area offers a strong foundation for hands-off operators who can leverage the higher FMR to cover expenses and maintain profitability. For hands-on investors looking to add value, the lower median rent presents an opportunity to increase rents closer to the FMR, enhancing returns on investment.
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.