Location: North Slope Borough, AK | Metro: North Slope Borough, AK
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,140 |
| 1 Bedroom | $1,420 |
| 2 Bedrooms | $1,570 |
| 3 Bedrooms | $2,160 |
| 4 Bedrooms | $2,620 |
| 5 Bedrooms | $3,039 |
| 6 Bedrooms | $3,404 |
| 7 Bedrooms | $3,676 |
| 8 Bedrooms | $3,860 |
U.S. Census Bureau data (2024)
The ZIP code 99723 stands out due to its unique mix of renters and homeowners, with 4,785 residents where 54.4% are renters. The median income in this area is $115,313, indicating a relatively affluent population. However, the median home value is notably higher at $310,407, suggesting that homeownership is quite costly relative to the income levels.
Moving into the specifics of Section 8 housing economics, the Fair Market Rent (FMR) for the metro area for fiscal year 2026 is set at $1,680. This figure contrasts sharply with the current market rent, which is estimated at $1,360 according to Census ACS data. Landlords and small-portfolio investors should note that the FMR provides a benchmark for rental assistance, potentially offering opportunities to adjust rents closer to the FMR level without losing tenants who rely on vouchers.
The data suggests that ZIP 99723 has a stable economic foundation, supported by a high median income. However, the significant disparity between the FMR and the current market rent indicates a transitional phase in rental economics. As voucher amounts increase, it is likely that more units will become eligible for Section 8 tenants, balancing the supply and demand dynamics in the rental market.
For landlords, understanding these figures is crucial for setting competitive rents and attracting tenants. The higher FMR compared to the current market rent can be leveraged to increase rental prices gradually while still being within reach for voucher holders. This transition period offers a strategic window for adjusting portfolios and preparing for future changes in the rental landscape.
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.