Section 8 Fair Market Rent (FMR) for ZIP 85194 - 2027

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

Investment Score for ZIP 85194

Monthly Rent (2BR)

$1,480

Median Price (2BR)

$314,711

1% Rule

0.47%

Annual Yield

5.64%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,190
1 Bedroom	$1,270
2 Bedrooms	$1,480
3 Bedrooms	$1,950
4 Bedrooms	$2,170
5 Bedrooms	$2,517
6 Bedrooms	$2,819
7 Bedrooms	$3,045
8 Bedrooms	$3,197

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$1,480	$314,711	0.47%	F
3BR	$1,950	$344,969	0.57%	F
4BR	$2,170	$389,297	0.56%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

8,077

Median Household Income

$82,935

Housing Units

4,054

Renter Percentage

10.1%

Occupancy Rate

81.4%

Renter Occupied

332

The ZIP code 85194, located in Casa Grande, Arizona, is a burgeoning market that offers opportunities for real estate investors. Nestled in Pinal County, Casa Grande has seen steady growth over the past few years, driven by its proximity to Phoenix and favorable climate conditions.

The Fair Market Rent (FMR) for ZIP 85194 in fiscal year 2024 is set at $1,700. This figure represents the average rental cost for a two-bedroom apartment, providing a benchmark for rental pricing in the area.
The Zillow Observed Rent Index (ZORI) indicates that the market rent for the same property type is $1,890. This suggests that the actual market rates slightly exceed the government's FMR estimates, indicating a healthy demand for rental properties.
The median home value in ZIP 85194 stands at $362,230. This figure reflects the typical price range for homeownership in the area, which can influence the overall real estate market dynamics.
Renters make up 10.1% of the housing market in this ZIP code, a relatively low percentage compared to other areas. However, this also means there is potential for growth as the population expands.
The Days on Market (DOM) data is currently unavailable, but it is crucial for investors to monitor this metric as it can provide insights into how quickly properties are being sold or rented.
The median household income in ZIP 85194 is $82,935. This level of income supports a moderate rental market and suggests that residents have the financial capacity to meet rental costs at or near the ZORI levels.

In summary, ZIP 85194 presents a stable real estate environment with a slight premium on rental properties over government benchmarks. The relatively low renter share indicates untapped potential for investors looking to capitalize on the growing population. With a median income that supports current rental prices, the area is poised for continued growth. However, investors should closely monitor the Days on Market to ensure they can effectively sell or lease their properties.

Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.