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 |
The ZIP code 85327, located in Cave Creek, Arizona, is part of a suburban neighborhood known for its upscale living conditions. The exact population figures, percentage of renters, and median income and home values for this ZIP code were not available in the initial data provided. However, based on the surrounding areas and typical characteristics of Cave Creek, we can infer that it has a relatively affluent demographic.
Regarding the rent economics, the Fair Market Rent (FMR) for a two-bedroom unit in ZIP code 85327 for fiscal year 2024 is set at $1880. This figure serves as a benchmark for rental properties eligible for Section 8 vouchers. In contrast, the market rents listed on Trulia for similar properties in the vicinity range from $1,750 to $3,195 per month, indicating that the actual market rents can be significantly higher than the FMR.
Given these economic factors, ZIP 85327 would likely appeal to hands-on value-add buyers rather than hands-off operators. Landlords who are willing to manage their properties closely and potentially renovate them could see strong returns due to the higher market rents compared to the FMR. Additionally, the affluent nature of the area suggests a demand for quality housing, which could justify the investment in maintaining or upgrading rental units to attract tenants willing to pay above the FMR.
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.