Section 8 Fair Market Rent (FMR) for ZIP 85118 - 2027

Location: Phoenix-Mesa-Chandler, AZ | Metro: Phoenix-Mesa-Chandler, AZ MSA

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,150
1 Bedroom	$1,230
2 Bedrooms	$1,430
3 Bedrooms	$1,910
4 Bedrooms	$2,140
5 Bedrooms	$2,482
6 Bedrooms	$2,780
7 Bedrooms	$3,002
8 Bedrooms	$3,152

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

14,932

Median Household Income

$86,393

Housing Units

9,415

Renter Percentage

8.4%

Occupancy Rate

78.9%

Renter Occupied

623

Housing Authorities Serving ZIP 85118

Pinal County Housing Authority (Casa Grande, AZ) - 870 Section 8 vouchers
Eloy Housing Authority (Eloy, AZ)

Gold Canyon, AZ, represented by ZIP code 85118, is a growing suburban community located east of Phoenix. The area is known for its desert landscapes and proximity to recreational areas, making it attractive to both residents and visitors. Here's a concise market analysis based on key data points:

The Fair Market Rent (FMR) for a two-bedroom apartment in Gold Canyon for fiscal year 2024 is set at $1760.
The market rent, as indicated by the Zillow Rent Index (ZORI), stands at $1,874 for a similar unit, suggesting that the rental market slightly exceeds the government's fair market assessment.
The median home value in Gold Canyon is $486,315, indicating a moderate housing market where property values are neither extremely high nor low.
Renters make up 8.4% of the population, which is relatively low compared to other metropolitan areas, implying that homeownership is more prevalent.
The average days on market (DOM) for rentals is 50 days, which is a reasonable timeframe for finding tenants, reflecting a balanced demand for rental properties.
The median household income in the area is $86,393, providing insight into the financial stability of potential renters and buyers.

Analyzing these points, Gold Canyon presents a stable investment opportunity for landlords and small-portfolio investors. With market rents exceeding the FMR, there's a slight premium for those willing to invest in quality rental properties. However, the low renter share suggests a competitive market for attracting tenants, necessitating attention to property management and maintenance. The 50-day DOM indicates a healthy rental turnover rate, while the median income figure supports the likelihood of timely rent payments. Overall, the area offers a blend of affordability and stability, suitable for those looking to diversify their real estate portfolio without taking on excessive risk.

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.