Section 8 Fair Market Rent (FMR) for ZIP 86038 - 2027

Location: Flagstaff, AZ | Metro: Flagstaff, AZ MSA

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,440
1 Bedroom	$1,560
2 Bedrooms	$1,770
3 Bedrooms	$2,180
4 Bedrooms	$2,500
5 Bedrooms	$2,900
6 Bedrooms	$3,248
7 Bedrooms	$3,508
8 Bedrooms	$3,683

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

184

Median Household Income

$43,942

Housing Units

426

Renter Percentage

N/A

Occupancy Rate

14.1%

Renter Occupied

ZIP code 86038, located in Arizona, is a suburban area known for its quiet neighborhoods and proximity to natural attractions, making it a desirable location for homeowners rather than renters.

The Fair Market Rent (FMR) for ZIP 86038 is set at $2410 for the fiscal year 2024, reflecting the average rental cost for a two-bedroom apartment.
The median home value in this ZIP code stands at $392,734, indicating a stable housing market with properties valued above the national average.
The renter share in ZIP 86038 is a mere 0.0%, suggesting that almost all residents are homeowners, which significantly reduces the demand for rental properties.
The median household income is $43,942, providing insight into the purchasing power of local residents.
Due to the limited availability of rental data, the market rent and days on market (DOM) are currently N/A.

Given the high median home value and the dominance of homeownership over renting, investors looking to enter the rental market in ZIP 86038 should consider the low renter share as a significant challenge. The Fair Market Rent figure provides a benchmark for pricing rental units, but the lack of specific market rent data suggests caution in assuming high demand. With the median income being relatively modest compared to the cost of living and property values, there may be limited financial flexibility among residents to afford higher rents. Overall, while the area presents a serene living environment, it is less favorable for those seeking immediate rental returns and more suited for long-term investment strategies focused on property appreciation.

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.