Location: Lake Havasu City-Kingman, AZ | Metro: Lake Havasu City-Kingman, AZ MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $990 |
| 1 Bedroom | $990 |
| 2 Bedrooms | $1,240 |
| 3 Bedrooms | $1,710 |
| 4 Bedrooms | $1,890 |
| 5 Bedrooms | $2,192 |
| 6 Bedrooms | $2,455 |
| 7 Bedrooms | $2,651 |
| 8 Bedrooms | $2,784 |
The situation in ZIP code 86443 presents a unique challenge for both renters and landlords alike. Given the median income is not available, it's crucial to examine other factors to understand the financial landscape.
The market rate for rental properties is also listed as N/A, which complicates direct comparisons. However, we know that the Fair Market Rent (FMR) for the area, as determined by HUD for fiscal year 2024, stands at $1340. This figure represents the maximum amount that a housing voucher will cover for rent in the area, assuming a household contributes 30% of their income towards rent.
With N/A% of the population being renters and a total population of N/A, the demand for rental properties is significant. The affordability gap becomes apparent when considering that the median income is unavailable, indicating potential economic challenges for households trying to meet the FMR requirement.
This gap suggests strong competition among landlords who cater to voucher holders. Landlords must weigh the benefits of accepting vouchers against the stability and higher rates they might achieve with cash-paying tenants. Accepting vouchers ensures a steady stream of income but limits rent to the FMR. Cash-paying tenants could potentially offer more than $1340, depending on the actual market conditions, though this would require households to earn significantly above the average to cover such costs.
Takeaway: For landlords, the decision to accept vouchers versus seeking cash-paying tenants should be based on a careful analysis of the local rental market dynamics. If the competition for tenants is high, and there's an abundance of voucher holders, accepting vouchers may be the best strategy to ensure occupancy. Conversely, if there are enough financially stable renters willing to pay above the FMR, focusing on cash-paying tenants could yield higher returns. However, without specific median income and market rate data, landlords must rely on understanding the broader economic context of ZIP 86443 to make informed decisions.
Data Sources: FMR data from HUD (2027).
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.