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 85246, located within the Phoenix-Mesa-Chandler, AZ MSA, has a Fair Market Rent (FMR) of $1880 for fiscal year 2024. This figure is critical for landlords and small-portfolio investors operating under the Section 8 program, as it sets the maximum allowable rental rates for subsidized housing.
To contextualize 85246's FMR within the broader Phoenix-Mesa-Chandler, AZ MSA, consider that the average FMR across the metro area is typically higher, reflecting a diverse range of housing markets. The lack of specific data on market rent, home values, and renter share for 85246 makes direct comparisons challenging, but we can infer some trends based on the available FMR.
The absence of data on market rent and home values suggests that 85246 might be less developed or have fewer properties listed compared to other ZIP codes within the metro. However, the FMR of $1880 indicates that it is likely a mid-tier neighborhood. This is because the FMR is designed to reflect a reasonable cost for housing, and a figure of $1880 is neither exceptionally low nor high when considering the Phoenix metropolitan area.
The unknown percentage of renter share also complicates a straightforward assessment. Typically, a high renter share combined with lower-than-average home values could indicate a Section 8 sweet spot, where the demand for affordable rentals is strong. However, without definitive figures, we cannot confirm if 85246 fits this profile.
In conclusion, ZIP 85246 appears to be a mid-tier neighborhood within the Phoenix-Mesa-Chandler, AZ MSA, given its FMR of $1880. It lacks detailed market data, which could suggest an emerging or niche real estate market. For landlords and investors looking to understand the dynamics of this area, further research into local property listings and rental trends would be advisable.
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.