Not enough rental comps in this area to determine how FMR aligns with current market rates.
Historical
FY 2023-2027
FMR
FY2027
Property value
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Tax rate
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Mortgage rate
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ZIP 86003 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 86003 (Flagstaff, AZ) is $1,820 a month. That is down 9.5% from $2,010 in FY 2026. Flagstaff is in the Flagstaff, AZ MSA. HUD also publishes the ZIP-level Small Area FMRs shown here, but unless the local housing authority has adopted them, vouchers are based on the metro-wide two-bedroom FMR of $1,729. Among 27 ZIP codes in Coconino County, 86003 has the 7th-highest two-bedroom rent (county range $1,730–$1,950). The median county two-bedroom FMR in Arizona is $1,244, so ZIP 86003 is 46% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 86003
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,660
$1,510
−9.0%
$1,359–$1,661
1BR
$1,790
$1,660
−7.3%
$1,494–$1,826
2BR
$2,010
$1,820
−9.5%
$1,638–$2,002
3BR
$2,440
$2,260
−7.4%
$2,034–$2,486
4BR
$2,680
$2,420
−9.7%
$2,178–$2,662
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 86003
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,510
$1,660
$1,820
$2,260
$2,420
FY 2026
$1,660
$1,790
$2,010
$2,440
$2,680
FY 2025
$1,600
$1,760
$2,000
$2,450
$2,740
FY 2024
$1,520
$1,610
$1,950
$2,360
$2,760
FY 2023
$1,280
$1,360
$1,680
$2,050
$2,480
Two-bedroom rent in nearby Coconino County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 86003?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,729, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,556 to $1,902 a month; under the ZIP-level Small Area FMR of $1,820 it would be $1,638 to $2,002. 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 86003 in?
ZIP 86003 is in the Flagstaff, AZ MSA. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,729.
How much did fair market rent change in ZIP 86003 for FY 2027?
The two-bedroom FMR fell 9.5%, from $2,010 in FY 2026 to $1,820 in FY 2027. Since FY 2023 it has risen 8.3%.
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