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Maricopa County/Phoenix/85028

85028

ZIPSAFMR
Maricopa County, AZ
Zillow

ZIP Investment Score

55Below average

095130300
BRFMR
Eff. Rent
0 BR$1,640$1,300
1 BR$1,760$1,810
2 BR$2,040$2,240
3 BR$2,690$2,610
4 BR$2,990$3,290
5 BR$3,438Not available
6 BR$3,954Not available
7 BR$4,547Not available
8 BR$5,230Not available

Purchase Price Calculator

Maximum purchase price
$270,947

Cost breakdown

+Likely effective rent$2,240
HUD FMR$2,040
Market rent$2,390
Est. payment standard (110%)Used$2,240
-Principal and interest-$1,370
Loan amount$216,757
Down payment$54,189
Rate6.50%
Term30 years
-Operating costs-$670
Property taxes-$271
Insurance-$175
Utilities$0
HOA$0
Management-$224
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$35,799(66.1% ROI)
Projected value
$291,780
Return breakdown
Property appreciation+$20,833
Loan principal paid down+$7,766
Rental cash flow+$7,200
5-year hold
+$61,453(113.4% ROI)
Projected value
$306,551
Return breakdown
Property appreciation+$35,605
Loan principal paid down+$13,849
Rental cash flow+$12,000
10-year hold
+$132,887(245.2% ROI)
Projected value
$346,835
Return breakdown
Property appreciation+$75,888
Loan principal paid down+$32,999
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.26
1 BR
0.96
2 BR
0.85
3 BR
1.03
4 BR
0.75
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 85028 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 85028 (Phoenix, AZ) is $2,040 a month. That is down 7.3% from $2,200 in FY 2026. Phoenix is in the Phoenix-Mesa-Chandler, AZ MSA, where HUD requires housing authorities to set voucher payment standards by ZIP code using Small Area FMRs. Among 185 ZIP codes in Maricopa County, 85028 has the 38th-highest two-bedroom rent (county range $1,380–$2,600). The median county two-bedroom FMR in Arizona is $1,244, so ZIP 85028 is 64% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 85028
BedroomsFY 2027Change90–110% range
Studio$1,640−5.7%$1,476–$1,804
1BR$1,760−6.9%$1,584–$1,936
2BR$2,040−7.3%$1,836–$2,244
3BR$2,690−8.2%$2,421–$2,959
4BR$2,990−8.0%$2,691–$3,289

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 85028
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,640$1,760$2,040$2,690$2,990
FY 2026$1,740$1,890$2,200$2,930$3,250
FY 2025$1,820$2,000$2,320$3,120$3,490
FY 2024$1,690$1,850$2,170$2,940$3,340
FY 2023$1,610$1,750$2,080$2,850$3,250

Two-bedroom rent in nearby Maricopa County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 85028
85022$1,790−12.3%
85023$1,550−24.0%
85024$1,970−3.4%
85026$1,740−14.7%
85027$1,710−16.2%
85028Current$2,040—
85029$1,540−24.5%
85030$1,740−14.7%
85031$1,660−18.6%
85032$1,590−22.1%
85033$1,460−28.4%
85034$1,540−24.5%

Questions about ZIP 85028 rents

How much will Section 8 pay for a two-bedroom in ZIP 85028?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $2,040, that basic range is $1,836 to $2,244 a month. The voucher pays the lower of the payment standard or the gross rent, minus the tenant's share, which is usually about 30% of adjusted monthly income. Confirm the local housing authority's current schedule before underwriting.

Which HUD fair market rent area is ZIP 85028 in?

ZIP 85028 is in the Phoenix-Mesa-Chandler, AZ MSA. HUD requires Small Area FMRs in this area, so payment standards are set by ZIP code.

How much did fair market rent change in ZIP 85028 for FY 2027?

The two-bedroom FMR fell 7.3%, from $2,200 in FY 2026 to $2,040 in FY 2027. Since FY 2023 it has fallen 1.9%.

When do FY 2027 fair market rents take effect?

HUD's FY 2027 fair market rents took effect on October 1, 2026. When FMRs change, housing authorities generally have up to three months to bring payment standards back within 90% to 110% of the new FMR.

Source: HUD FY 2027 Small Area Fair Market Rents and area FMRs. Payment-standard ranges are 90% to 110% of FMR, HUD's basic range, not a housing authority's published schedule. How payment standards are set

County fair market rentPhoenix, AZ fair market rentAZ statewide rentsWhat is SAFMR?Data sources