Location: Southeast Fairbanks Census Area, AK | Metro: Fairbanks-College, AK MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,050 |
| 1 Bedroom | $1,260 |
| 2 Bedrooms | $1,510 |
| 3 Bedrooms | $2,100 |
| 4 Bedrooms | $2,540 |
| 5 Bedrooms | $2,946 |
| 6 Bedrooms | $3,300 |
| 7 Bedrooms | $3,564 |
| 8 Bedrooms | $3,742 |
U.S. Census Bureau data (2024)
ZIP code 99706 is characterized by a significant portion of renters, with 40.0% of the population renting their homes. This indicates a robust demand for rental properties, particularly those that cater to tenants utilizing Section 8 vouchers. The total population of the ZIP code is 24, which is relatively small, but the high percentage of renters suggests a concentrated need for affordable housing solutions.
The median household income for this area is currently not available, making it difficult to directly correlate income levels with market rents. However, the lack of income data should not overshadow the importance of understanding the local rental market dynamics. Given the reliance on Section 8 vouchers, it's likely that many tenants are seeking affordable housing options, which aligns with the voucher program's aim to provide financial assistance for low-income individuals.
While the exact market rent is not specified, we can use the Fair Market Rent (FMR) as a benchmark. The FMR for ZIP code 99706 is set at $1650 for fiscal year 2024. This figure represents the maximum amount that a voucher holder can pay toward their rent. In the absence of specific income data, landlords can assume that typical market rents should be close to this figure to attract and retain tenants who rely on vouchers.
The expected tenant profile in ZIP code 99706 will predominantly consist of individuals or families who qualify for the Section 8 Housing Choice Voucher program. These tenants will have their rent subsidized, allowing them to afford housing that would otherwise be out of reach based on their income levels. Landlords should prepare to work with the local housing authority to ensure compliance with the program's requirements and to facilitate the smooth processing of voucher payments.
In summary, ZIP code 99706 presents a strong opportunity for landlords focusing on the Section 8 tenant pool due to the high percentage of renters. With an FMR of $1650, landlords should price their units competitively to meet the needs of voucher holders and comply with program guidelines.
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.