Location: Nome Census Area, AK | Metro: Nome Census Area, AK
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,250 |
| 1 Bedroom | $1,370 |
| 2 Bedrooms | $1,620 |
| 3 Bedrooms | $2,240 |
| 4 Bedrooms | $2,660 |
| 5 Bedrooms | $3,086 |
| 6 Bedrooms | $3,456 |
| 7 Bedrooms | $3,732 |
| 8 Bedrooms | $3,919 |
U.S. Census Bureau data (2024)
The median income in ZIP code 99785 stands at $63,088, which is just below the market rate rent of $663 per month according to Census ACS data. This suggests that the average household in this area struggles to cover the cost of housing without significant financial strain. In contrast, the Fair Market Rent (FMR) set by HUD for metro areas in fiscal year 2026 is $1,330, which is significantly higher than the actual market rate.
The disparity between the actual market rate and the FMR indicates a substantial affordability gap for renters. With only 20.5% of the 718 residents being renters, competition among landlords is likely to be fierce. The lower market rate means that many landlords might have to accept lower rents to attract tenants, especially those who do not qualify for higher voucher payments.
For landlords considering their strategy, focusing on voucher tenants could be more profitable given the higher FMR compared to the actual market rate. However, it's important to note that voucher tenants often come with additional administrative requirements and may have longer wait times for rent payments. Landlords should weigh these factors against the potential benefits of steady, government-backed income.
In summary, landlords in ZIP 99785 must consider the affordability challenges faced by the majority of households. While voucher tenants offer a higher rent amount at $1,330, landlords should also be prepared for the associated complexities. Cash-paying tenants, while potentially less lucrative at $663 per month, might provide a simpler management experience.
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.