Section 8 Fair Market Rent (FMR) for ZIP 99615 - 2027

Location: Kodiak Island Borough, AK | Metro: Kodiak Island Borough, AK

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,580
1 Bedroom	$1,740
2 Bedrooms	$2,270
3 Bedrooms	$2,750
4 Bedrooms	$2,980
5 Bedrooms	$3,457
6 Bedrooms	$3,872
7 Bedrooms	$4,182
8 Bedrooms	$4,391

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

12,194

Median Household Income

$88,456

Housing Units

5,305

Renter Percentage

39.9%

Occupancy Rate

82.8%

Renter Occupied

1,754

The ZIP code 99615, located in Fairbanks, Alaska, presents a unique opportunity for real estate investors interested in the Section 8 housing market. This area is characterized by a blend of urban amenities and rural living, offering a diverse range of rental properties that cater to both local residents and military personnel stationed nearby.

The Fair Market Rent (FMR) for the metro area, including ZIP 99615, is set at $2,090 for fiscal year 2026, indicating the maximum amount that a Section 8 voucher holder can pay for rent in this region.
The average market rent, according to the Census Bureau's American Community Survey (ACS), stands at $1,798. This figure suggests that there is a gap between the market rent and the FMR, which could benefit landlords participating in the Section 8 program.
The median home value in ZIP 99615 is $426,124, reflecting the overall property values in the area and providing a benchmark for investment opportunities.
Renters make up 39.9% of the population, highlighting a significant demand for rental properties in this region.
The median income for residents is $88,456, which is above the national average and suggests a stable economic base supporting the rental market.

In summary, ZIP 99615 offers a promising environment for real estate investments, particularly in the Section 8 market. The gap between the FMR and the average market rent indicates potential for landlords to secure higher rents through the Section 8 program. Additionally, the median home value and income levels suggest a robust local economy that supports a steady rental demand. However, the lack of data on days on market (DOM) means that while there is a high percentage of renters, the speed at which properties are rented out remains uncertain. Overall, this ZIP code presents a balanced mix of risks and rewards for investors looking to enter the Fairbanks rental market.

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.