How many renters live in Farmington, Arkansas?
The City of Farmington has 7,991 people living in 2,716 households.
There are 1,324 renters living in 657 renter households in this City. Renters make up 16.57 percent of the population living in Farmington.
What is the rental market like in Farmington, Arkansas?
There are an estimated 2,753 housing units in the Farmington area. Of these, 657 units are rental homes, making up 24 percent of the housing market. For every renter household in Farmington, Arkansas, there are 1 rental units.
What is the vacancy rate for rentals in Farmington?
The rental vacancy rate in Farmington is 0 percent. This is a lower than average vacancy rate. When rental vacancy rates are low there are fewer available units. Rents tend to be higher as more people compete for scarce housing.
How many rental units are in Farmington for each bedroom size?
Occupied Rental Units by Size in Farmington
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 58 | 71 | 120 | 381 | 27 |
Occupied Rental Units by Size in Farmington
A large number of apartments in Farmington have two or fewer bedrooms. Seniors and young professionals especially may have more success finding an apartment that meets their needs.
How many renter households in Farmington are overburdened by housing costs?
Among renter households in this market, 42 percent have housing cost burden. Further, 9 percent of households are extremely rent overburdened. When renters pay too much for their housing, it leaves little money for other necessities like food, clothes, or medicine.
The federal government says that renters are cost-burdened if they pay more than a third of their monthly income for rent and utilities.
How Much Is Rent in Farmington
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $871 to $1,847. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $871 |
| One BR | $924 |
| Two BR | $1,121 |
| Three BR | $1,580 |
| Four BR | $1,847 |
2024 Fair Market Rents in Farmington, Arkansas
How many units are rented at Fair Market Rent (FMR) in Farmington?
Renters with a Section 8 Housing Choice Voucher must select a home that is at or below the area’s Fair Market Rent. Markets with a large share of units above FMR tend to have longer search times to find a qualified unit, while those with a large share of units below FMR tend to have more choices and shorter search times. The share below FMR can vary by size of unit, as shown in the table below.
These are the approximate number of units renting below the FMR in this market:
| Unit Size | Count of Units Below FMR | Percentage of Total Units Below FMR |
| Studio | 58 | 100 percent |
| One BR | 65 | 92 percent |
| Two BR | 57 | 48 percent |
Rental Units Below FMR in Farmington, Arkansas
How many affordable rental units are in Farmington?
There are a variety of federal affordable housing programs serving households in Farmington, Arkansas including the following:
| Federal Program | Unit Count |
| Low Income Housing Tax Credit | 72 |
| Section 8 Project-Based Rental Assistance | 36 |
| USDA Section 515 Rural Rental Housing | 36 |
Tracked Units by Federal Program in Farmington, Arkansas
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Farmington, Arkansas
Farmington features 36 income based apartments. Tenants of income based apartments typically pay no more than 30% of their income towards rent and utilities.
Low Rent Apartments in Farmington, Arkansas
There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Farmington.
Housing Choice Vouchers in Farmington, Arkansas
On average, Section 8 Housing Choice vouchers pay Farmington landlords $400 per month towards rent. The average voucher holder contributes $300 towards rent in Farmington.
The maximum amount a voucher would pay on behalf of a low-income tenant in Farmington, Arkansas for a two-bedroom apartment is between $1,009 and $1,233.
Sourced from federal housing data and AffordableHousingOnline.com research.
