Location: Prince of Wales-Hyder Census Area, AK | Metro: Prince of Wales-Hyder Census Area, AK
| Unit Size | Monthly FMR |
|---|---|
| Studio | $870 |
| 1 Bedroom | $1,020 |
| 2 Bedrooms | $1,200 |
| 3 Bedrooms | $1,540 |
| 4 Bedrooms | $1,970 |
| 5 Bedrooms | $2,285 |
| 6 Bedrooms | $2,559 |
| 7 Bedrooms | $2,764 |
| 8 Bedrooms | $2,902 |
U.S. Census Bureau data (2024)
Skeptical investors might question whether the Fair Market Rent (FMR) of $1,070 for the metro area in fiscal year 2026 will adequately cover the mortgage on a home in ZIP 99922. However, the median home value in Hydaburg, AK, is $120,000, which is notably lower than the national average. This suggests that mortgage payments are likely to be manageable even at the given FMR.
Another concern could be the level of rental demand at 32.1%. According to recent data, only about 14.78% of homes in Hydaburg are rented, indicating a relatively low demand for rentals. This might pose a challenge for landlords seeking to maximize occupancy rates. However, it's important to note that the local rental market typically offers 3+ bedroom units for $200-$299 per month, including utilities. These low rental prices could attract tenants who are looking for affordable living options.
A final objection might be whether HUD vouchers will keep pace with market rents of $669. Unfortunately, the available data does not provide specific figures for HUD voucher amounts in ZIP 99922. However, considering the low median home value and typical rental costs, it is plausible that vouchers could cover a significant portion of these expenses. Landlords should monitor local HUD announcements for updates on voucher amounts.
In summary, while the FMR and rental demand percentages present challenges, the low median home value and rental prices suggest that the market in ZIP 99922 is favorable for both homeownership and rental investments. Vouchers may offer some relief for covering market rents, though specific data is lacking.
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.