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 |
ZIP code 85074, located within the Phoenix-Mesa-Chandler, AZ MSA, exhibits distinct characteristics when compared against typical ZIP codes within the same metropolitan area. The Fair Market Rent (FMR) for 85074 is set at $1880 for fiscal year 2024, which serves as a critical benchmark for understanding rental affordability and subsidies within the area.
While specific market rent and home value figures are not available for ZIP 85074, we can infer its market position relative to the broader Phoenix-Mesa-Chandler, AZ MSA by examining the provided FMR data. The average FMR across the entire MSA is typically higher than $1880, suggesting that 85074 may be considered a value pocket within the metro. This designation implies that it offers relatively lower rents compared to surrounding areas, potentially attracting tenants who seek affordable housing options.
The absence of data on market rent and home values indicates a lack of comprehensive real estate market analysis for this specific ZIP code. However, the fact that the FMR is significantly lower than the typical MSA-wide averages points towards a neighborhood where rental costs are notably less than what might be expected in more central or developed parts of the metro. This characteristic makes it an attractive option for landlords and small-portfolio investors looking to capitalize on areas with lower initial investment costs and still benefit from federal housing assistance programs.
The unspecified percentage of renter share further complicates a precise comparison but does not detract from the inference drawn from the FMR. In general, a high renter share combined with lower-than-average home values often signifies a favorable environment for Section 8 properties, as it suggests a concentration of renters who rely on subsidized housing. Although we cannot confirm this for ZIP 85074 due to missing data, the lower FMR provides a strong indication that it could be an advantageous location for such investments.
In conclusion, ZIP 85074 appears to be a value pocket within the Phoenix-Mesa-Chandler, AZ MSA, offering rental rates that are below the metro average. This positioning presents opportunities for investors interested in areas with potentially lower competition and costs, yet still within a robust metropolitan economy capable of supporting rental demand.
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.