Location: Southeast Fairbanks Census Area, AK | Metro: Southeast Fairbanks Census Area, AK
| Unit Size | Monthly FMR |
|---|---|
| Studio | $850 |
| 1 Bedroom | $1,080 |
| 2 Bedrooms | $1,190 |
| 3 Bedrooms | $1,650 |
| 4 Bedrooms | $1,950 |
| 5 Bedrooms | $2,262 |
| 6 Bedrooms | $2,533 |
| 7 Bedrooms | $2,736 |
| 8 Bedrooms | $2,873 |
U.S. Census Bureau data (2024)
The market in ZIP code 99776 presents a dynamic environment where rental housing is heavily favored over homeownership, as evidenced by the 64.0% renter share. This high percentage indicates a significant portion of the population prefers or requires rental accommodations, suggesting persistent long-term housing pressure on the rental market.
A comparison between the Fair Market Rent (FMR) at $1,130 and the actual market rent at $528 reveals a substantial gap. This disparity underscores that the market rent is notably below the government-set benchmark for fair market value, which could indicate an oversupply of rental units relative to demand. However, it also suggests potential affordability challenges for renters if market rents rise towards the FMR levels.
The absence of data regarding price-cut share and days on market (DOM) limits insights into recent trends, such as whether landlords are reducing rents to attract tenants or if units are remaining vacant for extended periods. Nevertheless, the median rent figure being well below the FMR implies that landlords might have room to increase rents without immediately losing tenants to competitors.
In summary, ZIP 99776 is characterized by a strong preference for renting, with current market rents significantly lower than the FMR. This situation likely reflects a balance between supply and demand, but the high renter share points to ongoing pressure on the rental market, which could lead to future increases in rental rates as the population continues to favor rentals.
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.