Location: Flagstaff, AZ | Metro: Flagstaff, AZ MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,440 |
| 1 Bedroom | $1,560 |
| 2 Bedrooms | $1,730 |
| 3 Bedrooms | $2,110 |
| 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 median income in ZIP code 86020 stands at $35,909, which places significant constraints on the financial capabilities of the average household when it comes to housing costs. The market rate for rent, according to the Census ACS, is $479 per month. This figure represents a substantial portion of the monthly income for many residents, indicating a tight budget for most households.
In comparison, the Fair Market Rent (FMR) set by HUD for voucher payments in ZIP code 86020 for fiscal year 2024 is $1,460. This amount far exceeds the current market rate, making it an attractive option for landlords who receive voucher payments. However, it also highlights a significant disparity between what the market demands and what the government deems necessary for affordable housing.
Given that only 11.1% of the population are renters and the total population is 1,890, the competition among landlords is likely to be moderate. The limited number of renters suggests that landlords must carefully consider their target audience and pricing strategy to remain competitive and attract tenants.
The affordability gap is stark; the median income cannot comfortably support the $479 market rate, let alone the higher voucher payment standard. For landlords, this means that while cash-paying tenants might struggle to find housing they can afford, those with vouchers will have significantly more purchasing power and flexibility.
Takeaway: Landlords in ZIP 86020 should prioritize accepting Section 8 vouchers. The $1,460 FMR is a reliable and stable source of income compared to the variable and often lower cash rents. By doing so, landlords can secure a steady stream of rental income while providing much-needed affordable housing to the community. This approach not only benefits the landlord but also helps address the affordability issues faced by many local residents.
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.