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 | $1,080 |
| 1 Bedroom | $1,170 |
| 2 Bedrooms | $1,380 |
| 3 Bedrooms | $1,870 |
| 4 Bedrooms | $2,120 |
| 5 Bedrooms | $2,459 |
| 6 Bedrooms | $2,754 |
| 7 Bedrooms | $2,974 |
| 8 Bedrooms | $3,123 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,870 | $454,316 | 0.41% | F |
| 4BR | $2,120 | $580,319 | 0.37% | F |
| 5BR | $2,459 | $670,517 | 0.37% | F |
U.S. Census Bureau data (2024)
The ZIP code 85361 stands out due to its unique economic profile, with 7,991 residents and a rental rate of only 5.3%. This indicates that the majority of the population owns their homes, which is further supported by the high median home value of $514,207. The median income in this area is $77,361, suggesting a relatively affluent community where homeownership is a significant factor.
Despite the low percentage of renters, the voucher economics in ZIP 85361 present an interesting opportunity. The Fair Market Rent (FMR) for the area is set at $1,590 for fiscal year 2024, while the actual market rent, according to the Census Bureau's American Community Survey, is $791. This means that landlords who accept Section 8 vouchers could potentially charge significantly higher rents compared to the current market rates, thereby increasing their revenue streams. However, it's important to note that the disparity between FMR and market rent does not necessarily translate into higher occupancy rates or immediate financial benefits, as voucher holders are limited by the amount they can pay.
Given the data signature, ZIP 85361 appears to be a stable area with a strong homeownership base and a modest rental market. The potential for leveraging Section 8 vouchers to command higher rents suggests a transitional aspect within the rental sector, but overall, the ZIP code's economic indicators point towards stability rather than rapid change. Landlords and small-portfolio investors should consider these factors when evaluating the potential returns and risks associated with accepting Section 8 vouchers in this ZIP code.
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.