Location: Phoenix-Mesa-Chandler, AZ | Metro: Phoenix-Mesa-Chandler, AZ MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,590 |
| 1 Bedroom | $1,700 |
| 2 Bedrooms | $1,980 |
| 3 Bedrooms | $2,610 |
| 4 Bedrooms | $2,900 |
| 5 Bedrooms | $3,364 |
| 6 Bedrooms | $3,768 |
| 7 Bedrooms | $4,069 |
| 8 Bedrooms | $4,272 |
U.S. Census Bureau data (2024)
Goodyear, Arizona, specifically the 85338 ZIP code, is a master-planned suburban hub located in the West Valley of the Phoenix metropolitan area. This community is characterized by expansive residential developments and a growing retail presence, anchored by major employers such as Cancer Treatment Centers of America, which serves as a significant regional medical institution. The neighborhood typically appeals to families seeking newer housing stock and planned amenities, contributing to a stable, suburban atmosphere distinct from the urban core of Phoenix.
From a numerical perspective, the HUD Fair Market Rent (FMR) for a 2-bedroom unit is $2,150, while the current market rent (Zillow ZORI) sits at $1,815. This creates a negative gap of $335, meaning local market rates are lagging behind the FY2026 FMR benchmark. With a median home value of $438,703 and properties sitting on the market for a median of 79 days, the area shows moderate liquidity. The discrepancy between the $2,150 voucher payment and the $1,815 market rate suggests landlords cannot easily command above-market premiums simply by accepting vouchers; instead, the subsidy aligns with or slightly exceeds standard achievable rents.
The tenant pool in 85338 is anchored by a high median household income of $101,744 and a renter share of just 22.7%. This demographic profile points toward a population with high purchasing power and stable employment, which may suppress traditional Section 8 demand compared to lower-income locales. However, the presence of highly-rated schools within the Agua Fria Union High School District and maintained community parks adds a layer of desirability. Investors should note that while the population is affluent, the smaller renter population means voucher holders must compete for attention in a market dominated by high-earning professionals.
The strongest investor angle here is stability and appreciation rather than aggressive cash-flow. With market rents trailing the FMR, landlords can secure reliable, government-backed payments up to $2,150 without exceeding neighborhood pricing norms. The combination of high median incomes and the $438,703 median home value suggests an environment where property appreciation is likely to outpace immediate rental yields. For portfolio holders, 85338 offers a defensive play where the voucher program acts as a hedge against vacancy in a high-value, low-renter-share market.
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.