Location: Phoenix-Mesa-Chandler, AZ | Metro: Phoenix-Mesa-Chandler, AZ MSA
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,600 |
| 1 Bedroom | $1,710 |
| 2 Bedrooms | $1,990 |
| 3 Bedrooms | $2,620 |
| 4 Bedrooms | $2,910 |
| 5 Bedrooms | $3,376 |
| 6 Bedrooms | $3,781 |
| 7 Bedrooms | $4,083 |
| 8 Bedrooms | $4,287 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,990 | $363,308 | 0.55% | F |
| 3BR | $2,620 | $499,491 | 0.52% | F |
| 4BR | $2,910 | $621,018 | 0.47% | F |
| 5BR | $3,376 | $1,018,171 | 0.33% | F |
U.S. Census Bureau data (2024)
The ZIP code 85215 in Mesa, Arizona, stands out within Maricopa County due to its unique demographic and economic characteristics. With a population of 16,888 residents, it has a rental rate of 19.6%, indicating a moderate demand for rental properties. The median income in the area is $98,831, reflecting a relatively affluent community. However, the median home value of $505,080 suggests that homeownership is less accessible compared to other areas in the county.
When it comes to Section 8 vouchers, the Fair Market Rent (FMR) for ZIP 85215 in fiscal year 2024 is set at $2,320. This is notably higher than the market rent, measured by ZORI (Zillow Observed Rent Index), which is currently at $1,922. This discrepancy means that landlords can potentially charge more for their units under the Section 8 program than the typical market rate, making it an attractive option for those who wish to secure long-term tenants with guaranteed rent payments.
The data signature for ZIP 85215 reads as stable. The modest rental rate and the significant gap between the median home value and median income suggest that the housing market is not experiencing rapid changes. Landlords and small-portfolio investors can expect consistent returns with minimal risk. Additionally, the higher FMR compared to the market rent provides a financial incentive for participating in the Section 8 program, ensuring a steady stream of income.
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.