Location: Sierra Vista-Douglas, AZ | Metro: Sierra Vista-Douglas, AZ MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $800 |
| 1 Bedroom | $1,000 |
| 2 Bedrooms | $1,140 |
| 3 Bedrooms | $1,580 |
| 4 Bedrooms | $1,900 |
| 5 Bedrooms | $2,204 |
| 6 Bedrooms | $2,468 |
| 7 Bedrooms | $2,665 |
| 8 Bedrooms | $2,798 |
U.S. Census Bureau data (2024)
3.9% of the population in ZIP code 85620 are renters, indicating a moderate reliance on rental properties. However, the $970 Fair Market Rent (FMR) for zip code 85620 for fiscal year 2024 highlights the affordability threshold set by HUD for this area. This figure is crucial for landlords and small-portfolio investors as it represents the maximum amount they can charge tenants participating in the Section 8 program. The median income of $57,738 provides insight into the economic status of the residents, suggesting that a significant portion of the population may qualify for assistance under the Section 8 program due to the income limits typically being around 50% of the area's median income.
The absence of data regarding market rent and median home values indicates a lack of comprehensive real estate metrics in this specific area. This could be due to limited transactions or reporting, which might affect the accuracy of market analysis. Similarly, the missing days on market (DOM) and percentage of price-cut shares suggest that there isn't enough data to provide a clear picture of the local housing market dynamics. Such gaps can make it challenging to predict property performance and rental trends accurately.
In conclusion, while the $970 FMR offers a concrete guideline for pricing rental units in ZIP 85620, the scarcity of other key real estate indicators poses risks for thorough market analysis. Given the 3.9% renter share and the median income level, landlords should focus on maintaining properties at or below the FMR to attract and retain tenants eligible for Section 8 benefits. The verdict on Section 8 participation in ZIP 85620 is positive for landlords who can manage their properties efficiently within the HUD guidelines, ensuring compliance and maximizing their investment potential.
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.