Location: Matanuska-Susitna Borough, AK | Metro: Matanuska-Susitna Borough, 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 | $1,080 |
| 1 Bedroom | $1,150 |
| 2 Bedrooms | $1,510 |
| 3 Bedrooms | $2,090 |
| 4 Bedrooms | $2,520 |
| 5 Bedrooms | $2,923 |
| 6 Bedrooms | $3,274 |
| 7 Bedrooms | $3,536 |
| 8 Bedrooms | $3,713 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,510 | $302,144 | 0.5% | F |
| 3BR | $2,090 | $396,017 | 0.53% | F |
| 4BR | $2,520 | $494,745 | 0.51% | F |
U.S. Census Bureau data (2024)
ZIP code 99623, located in Meadow Lakes, AK within the Matanuska-Susitna Borough, AK HUD Metro FMR Area, presents a unique profile compared to the typical ZIP codes in the area. The Fair Market Rent (FMR) for ZIP 99623 is set at $1,280 for fiscal year 2024, which is notably lower than the market rent of $1,590. This suggests that properties in 99623 are somewhat undervalued relative to the broader market, potentially making it a value pocket for landlords and investors.
The median home value in 99623 stands at $366,913, which is slightly below the average for the Matanuska-Susitna Borough. However, the ZIP code has a higher-than-average renter share at 18.0%. A high proportion of renters combined with below-average home values can indicate a favorable environment for Section 8 housing, as it often signifies an area where rental demand exceeds supply and property values are more affordable.
In summary, ZIP 99623 appears to be a value pocket within the Matanuska-Susitna Borough, AK HUD Metro FMR Area. Its lower FMR compared to market rent and below-average home values make it attractive for investors looking to capitalize on rental opportunities, particularly those interested in Section 8 housing. The higher renter share further supports this assessment, as it points to a strong demand for rental units in the area.
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.