Location: Nome Census Area, AK | Metro: Nome Census Area, AK
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,110 |
| 1 Bedroom | $1,210 |
| 2 Bedrooms | $1,380 |
| 3 Bedrooms | $1,920 |
| 4 Bedrooms | $2,280 |
| 5 Bedrooms | $2,645 |
| 6 Bedrooms | $2,962 |
| 7 Bedrooms | $3,199 |
| 8 Bedrooms | $3,359 |
U.S. Census Bureau data (2024)
The median income in ZIP code 99671 stands at $48,056, which is significantly lower than the required income to afford the market rate rent of $1,063. For a household to comfortably pay this amount, they would need an income closer to the federal guidelines, where the Fair Market Rent (FMR) is set at $1,530 for the metro area in fiscal year 2026. This discrepancy highlights a substantial affordability gap for local residents.
Given that only 27.5% of the 596-person population are renters, competition among landlords in this ZIP code is relatively low. However, the limited number of renters means that landlords must be strategic in their rental offerings to attract tenants.
The market rate of $1,063 is far below the FMR of $1,530, suggesting that landlords could potentially offer units at the market rate and still participate in the Housing Choice Voucher program, commonly known as Section 8. This would allow them to tap into a broader pool of potential tenants who might otherwise struggle to find affordable housing.
To summarize, landlords in ZIP 99671 should consider the following strategy: offering units at the market rate while being prepared to accept Section 8 vouchers can maximize occupancy rates and ensure steady cash flow. The combination of low market rents and high FMRs makes this a viable approach to navigating the local 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.