Location: Flagstaff, AZ | Metro: Flagstaff, AZ MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,450 |
| 1 Bedroom | $1,590 |
| 2 Bedrooms | $1,730 |
| 3 Bedrooms | $2,150 |
| 4 Bedrooms | $2,320 |
| 5 Bedrooms | $2,691 |
| 6 Bedrooms | $3,014 |
| 7 Bedrooms | $3,255 |
| 8 Bedrooms | $3,418 |
U.S. Census Bureau data (2024)
The ZIP code 86016 is located in a predominantly owner-occupied neighborhood, with a population of 44 residents and an extremely low rental rate of 0.0%. This indicates that almost all homes in the area are owned outright, rather than rented. The median household income in this ZIP code is $2,499, which is unusually low and suggests that the majority of residents may be relying on other sources of income, such as pensions or investments.
Despite the low population and limited rental market, the Fair Market Rent (FMR) for ZIP 86016 has been set at $1,670 for fiscal year 2024. However, the lack of available market rent data makes it difficult to assess how this compares to actual local rental rates. The absence of a median home value also points to the scarcity of property sales data, indicating that this area may not have a robust real estate market.
Given these factors, ZIP 86016 would likely be a challenging environment for a hands-off Section 8 voucher operator. The extremely low percentage of renters suggests a limited demand for rental properties, and the low median income could indicate a smaller pool of eligible tenants. For a hands-on value-add buyer, however, there might be opportunities to create rental properties or improve existing ones to cater to the needs of potential Section 8 tenants. Such an approach would require a deep understanding of the local market dynamics and careful consideration of the risks involved due to the sparse data and low population density.
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.