Section 8 Fair Market Rent (FMR) for ZIP 85381 - 2027
Location: Phoenix-Mesa-Chandler, AZ | Metro: Phoenix-Mesa-Chandler, AZ MSA
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $1,410 |
| 1 Bedroom | $1,520 |
| 2 Bedrooms | $1,760 |
| 3 Bedrooms | $2,320 |
| 4 Bedrooms | $2,580 |
| 5 Bedrooms | $2,993 |
| 6 Bedrooms | $3,352 |
| 7 Bedrooms | $3,620 |
| 8 Bedrooms | $3,801 |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$96,746
Housing Authorities Serving ZIP 85381
- City of Phoenix Housing Department (Phoenix, AZ) - 7,983 Section 8 vouchers
- City of Mesa Housing Authority (Mesa, AZ) - 1,833 Section 8 vouchers
- Housing Authority of Maricopa County (Peoria, AZ) - 1,773 Section 8 vouchers
- Tempe Housing Authority (Tempe, AZ) - 1,203 Section 8 vouchers
- City of Glendale Housing Authority (Glendale, AZ) - 1,141 Section 8 vouchers
- Scottsdale Housing Agency (Scottsdale, AZ) - 780 Section 8 vouchers
- Chandler Housing & Redevelopment Division (Chandler, AZ) - 515 Section 8 vouchers
- Arizona Department of Housing (Phoenix, AZ) - 282 Section 8 vouchers
- Arizona Behavioral Health Corporation (Phoenix, AZ) - 194 Section 8 vouchers
The area surrounding ZIP code 85381 in Peoria, Arizona, presents a robust market for real estate investors interested in both rental properties and homeownership opportunities. This region benefits from a mix of affordable housing and a growing population, making it an attractive location for those looking to invest in the local economy.
- The Fair Market Rent (FMR) for ZIP 85381 in fiscal year 2024 is set at $2000, indicating the average monthly rental cost that landlords should aim to meet or slightly exceed to remain competitive.
- The actual market rent, as measured by the Zillow Observed Rent Index (ZORI), stands at $1,467. This suggests there's potential for rental price increases to align with the FMR.
- The median home value in the area is $455,869, reflecting the overall affordability and value of residential properties in Peoria.
- Renters make up 33.6% of the population, showing a significant demand for rental units in the area.
- The days on market (DOM) for properties is 24 days, which is relatively quick, indicating a healthy sales pace and low vacancy risk.
- The median household income is $96,746, providing a stable economic base for both renters and homeowners.
Investors in Peoria, AZ, can leverage these data points to inform their strategies. The gap between the ZORI and the FMR indicates a possible opportunity to increase rental prices, while the DOM figure suggests a brisk market for property sales. With a substantial portion of residents renting and a median income that supports rental payments, landlords and small-portfolio investors can expect solid returns on investment in this area.
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.