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 86038 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 86038 (Mormon Lake, AZ) is $1,770 a month. That is down 9.7% from $1,960 in FY 2026. Mormon Lake 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, 86038 has the 8th-highest two-bedroom rent (county range $1,730–$1,950). The median county two-bedroom FMR in Arizona is $1,244, so ZIP 86038 is 42% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 86038
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,540
$1,440
−6.5%
$1,296–$1,584
1BR
$1,680
$1,560
−7.1%
$1,404–$1,716
2BR
$1,960
$1,770
−9.7%
$1,593–$1,947
3BR
$2,390
$2,180
−8.8%
$1,962–$2,398
4BR
$2,770
$2,500
−9.7%
$2,250–$2,750
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 86038
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,440
$1,560
$1,770
$2,180
$2,500
FY 2026
$1,540
$1,680
$1,960
$2,390
$2,770
FY 2025
$1,690
$1,800
$2,170
$2,620
$3,070
FY 2024
$1,870
$1,990
$2,410
$2,910
$3,410
FY 2023
$1,600
$1,710
$2,110
$2,580
$3,120
Two-bedroom rent in nearby Coconino County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 86038?
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 $1,770 it would be $1,593 to $1,947. 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 86038 in?
ZIP 86038 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 86038 for FY 2027?
The two-bedroom FMR fell 9.7%, from $1,960 in FY 2026 to $1,770 in FY 2027. Since FY 2023 it has fallen 16.1%.
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