Location: Kenai Peninsula Borough, AK | Metro: Kenai Peninsula Borough, AK
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 | $1,420 |
| 1 Bedroom | $1,430 |
| 2 Bedrooms | $1,870 |
| 3 Bedrooms | $2,590 |
| 4 Bedrooms | $3,130 |
| 5 Bedrooms | $3,631 |
| 6 Bedrooms | $4,067 |
| 7 Bedrooms | $4,392 |
| 8 Bedrooms | $4,612 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $2,590 | $337,478 | 0.77% | D |
| 4BR | $3,130 | $495,446 | 0.63% | D |
U.S. Census Bureau data (2024)
ZIP code 99610, located within the Kenai Peninsula Borough, AK metro, presents a unique profile compared to other ZIP codes in the area. The Fair Market Rent (FMR) for ZIP 99610 is set at $1,560 for fiscal year 2026, which is slightly above the market rent of $1,444. This indicates that rental properties in this ZIP are priced competitively but still offer a margin over the average local rent.
The median home value in ZIP 99610 stands at $282,198. To determine if this ZIP is a value pocket, a mid-tier neighborhood, or a premium sub-market, it's essential to compare this figure with the broader Kenai Peninsula Borough, AK median home values. However, without specific metro-wide home value data, we can infer that 99610's home value is likely reflective of the overall market conditions, suggesting a mid-tier status unless the metro-wide values significantly exceed this amount.
The renter share in ZIP 99610 is 18.6%, which is an important metric for landlords and small-portfolio investors interested in Section 8 opportunities. Typically, a higher renter share can indicate a greater demand for affordable housing options, such as those supported by Section 8 vouchers. Given that 99610's renter share is notably higher than the national average but not necessarily indicative of a large premium sub-market, it suggests potential for Section 8 investments.
An interesting divergence to note is that while the renter share is relatively high, the home value is not exceptionally high compared to what might be expected in a premium sub-market. This combination can signal a sweet spot for Section 8 investments, as it suggests a balance between affordability for renters and reasonable property values for landlords. High renter share with below-metro home values often points towards areas where there is significant need for affordable housing, making them attractive for Section 8 participation.
In summary, ZIP 99610 appears to be a mid-tier neighborhood within the Kenai Peninsula Borough, AK metro, with competitive rental pricing and a higher-than-average renter share. These characteristics make it a potentially valuable location for Section 8 real estate investments, particularly given the alignment between the FMR and market rent, and the relatively lower home values compared to what might be seen in premium sub-markets.
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.