Location: Anchorage, AK | Metro: Anchorage, AK HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,200 |
| 1 Bedroom | $1,280 |
| 2 Bedrooms | $1,670 |
| 3 Bedrooms | $2,310 |
| 4 Bedrooms | $2,790 |
| 5 Bedrooms | $3,236 |
| 6 Bedrooms | $3,624 |
| 7 Bedrooms | $3,914 |
| 8 Bedrooms | $4,110 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,280 | $166,504 | 0.77% | D |
| 2BR | $1,670 | $250,528 | 0.67% | D |
| 3BR | $2,310 | $441,632 | 0.52% | F |
| 4BR | $2,790 | $559,903 | 0.5% | F |
| 5BR | $3,236 | $710,089 | 0.46% | F |
U.S. Census Bureau data (2024)
The ZIP code 99502 in Anchorage, AK, has a population of 25,006, with 29.3% being renters. This indicates that it is a moderately renter-heavy area, though not overwhelmingly so. The median household income in this ZIP is $116,071, which provides context for the local economic landscape.
The market rent for the area stands at $1,668 per month. To understand how this compares to the average income, we can calculate that the typical rent consumes approximately 14.4% of the median monthly income, assuming a consistent income distribution throughout the year. This is derived from dividing the annual median income by 12 months and then calculating the rent as a percentage of that monthly income figure.
The Fair Market Rent (FMR) for ZIP 99502, as set by HUD for FY 2024, is $1,520. This means that the market rent ($1,668) slightly exceeds the FMR by $148. Landlords should be aware that while they can charge above the FMR, tenants with vouchers might find it challenging to cover the additional cost.
In terms of voucher availability, the demand in this area is moderate. Given the relatively high median income, it is likely that a portion of the rental market will include individuals who do not rely on housing vouchers but can afford market rates. However, there will still be a segment of the population that benefits from Section 8 vouchers, especially those with lower incomes relative to the median.
A landlord in ZIP 99502 should expect a mix of tenants, including some who use Section 8 vouchers. These tenants will have a budget constrained by their income and the voucher amount, making it essential to keep rents close to or below the FMR to attract and retain them. Additionally, landlords should be prepared to work with the local housing authority to ensure compliance with Section 8 requirements and facilitate the leasing process for voucher holders.
To summarize, while 99502 is not dominated by homeowners, it also isn't an area with deep voucher demand. The market rent is higher than the FMR, suggesting a potential challenge for voucher holders to find affordable units without paying extra out-of-pocket. Landlords should cater to both voucher and non-voucher tenants, ensuring that the majority of units are priced within reach of those with limited financial resources.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.