Section 8 Fair Market Rent (FMR) for ZIP 85128 - 2027
Location: Phoenix-Mesa-Chandler, AZ | Metro: Phoenix-Mesa-Chandler, AZ MSA
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $1,110 |
| 1 Bedroom | $1,190 |
| 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
$65,477
Housing Authorities Serving ZIP 85128
A landlord considering ZIP 85128 (Coolidge, AZ) for Section 8 investments must evaluate several factors. Here's a structured approach:
- Does FMR $1570 (zip FY 2024) clear debt service on a $270,634 property?
- If yes: The Fair Market Rent (FMR) of $1570 is sufficient to cover the debt service on a property valued at $270,634. This means that the rental income can support the mortgage payments and other financial obligations.
- If no: The FMR does not clear the debt service, making it financially unviable to invest in Section 8 properties in this area without additional considerations such as subsidies or lower property values.
- Is market rent $1,634 (ZORI) above, at, or below FMR?
- If above: The Zillow Observed Rent Index (ZORI) of $1,634 exceeds the FMR of $1570. Landlords could potentially charge higher rents to non-Section 8 tenants, though they would need to balance this against the availability of Section 8 vouchers.
- If at: Market rent aligns with the FMR, indicating that landlords can expect to receive fair compensation for their properties through Section 8 without significant loss or gain compared to market rates.
- If below: The ZORI is less than the FMR, which could indicate an opportunity for landlords to offer affordable housing options at a slightly higher rate than what might be expected in the open market, benefiting both tenants and landlords.
- Are 26.0% renters + 40-day DOM enough demand?
- If yes: With 26.0% of the population renting and an average Days on Market (DOM) of 40 days, there is a reasonable level of demand. This suggests that finding tenants, including those eligible for Section 8, should not be overly challenging.
- If no: The demand is insufficient. A lower percentage of renters or longer DOM periods would suggest that securing tenants could be difficult, affecting the viability of Section 8 investments.
- If it depends: The demand appears moderate. While 26.0% of residents are renters, the 40-day DOM period indicates some competition in the rental market. Landlords should consider the stability of the local economy and the presence of nearby employment opportunities to gauge long-term demand.
The final decision will depend on how these factors align with the landlord's investment strategy and risk tolerance. If all conditions favor a positive outcome, then investing in ZIP 85128 for Section 8 properties is advisable. However, if any condition is unfavorable, further research or a different investment strategy may be required.
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.