Location: Prescott Valley-Prescott, AZ | Metro: Prescott Valley-Prescott, AZ MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,020 |
| 1 Bedroom | $1,180 |
| 2 Bedrooms | $1,480 |
| 3 Bedrooms | $2,050 |
| 4 Bedrooms | $2,250 |
| 5 Bedrooms | $2,610 |
| 6 Bedrooms | $2,923 |
| 7 Bedrooms | $3,157 |
| 8 Bedrooms | $3,315 |
U.S. Census Bureau data (2024)
17.6% of residents in ZIP code 86338 are renters, indicating a significant but not overwhelming demand for rental properties. $917 is the current market rent according to the Census ACS, which is notably lower than the $1160 Fair Market Rent (FMR) set for zip code 86338 for fiscal year 2024. This suggests that landlords could potentially increase rents to align with the FMR without losing tenants, given the area's median income of $68,229.
N/A median home value indicates that homeownership data might be sparse or unreliable, possibly due to low population density or other factors. However, the absence of a median home value does not necessarily imply a lack of housing stock; it simply means that the majority of housing units are rentals.
The data also shows N/A days on the market (DOM) and N/A% price-cut share, which are typically indicative of how quickly homes sell and at what price reduction, respectively. The lack of these figures suggests that either there is little to no activity in the resale housing market, or the data is insufficient to provide reliable insights.
In summary, for landlords and small-portfolio investors, ZIP code 86338 offers an opportunity to operate in a market where the current rents are below the FMR, allowing for potential increases. Given the 17.6% renter share and the median income figure, tenants should be able to afford higher rents, making it a viable option for those seeking to maximize their investment returns through rental income.
Section 8 Verdict: Acceptable. While the specific data points regarding the resale market are unavailable, the gap between market rent and FMR, combined with the area's median income, makes ZIP 86338 a reasonable consideration for Section 8 participation.
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.