Location: Chilton County, AL | Metro: Birmingham-Hoover, AL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $840 |
| 1 Bedroom | $890 |
| 2 Bedrooms | $990 |
| 3 Bedrooms | $1,250 |
| 4 Bedrooms | $1,420 |
| 5 Bedrooms | $1,647 |
| 6 Bedrooms | $1,845 |
| 7 Bedrooms | $1,993 |
| 8 Bedrooms | $2,093 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 35035 in fiscal year 2024 is set at $970. This figure represents the payment standard under the Section 8 Housing Choice Voucher program, meaning that if you participate in this program, the government will pay up to $970 per month towards rent for eligible tenants. It's important to note that this is not the actual rent you can charge; it's the maximum amount the voucher will cover.
In ZIP 35035, the local market rent is currently N/A. However, the FMR serves as a benchmark for determining the maximum rent that can be charged to participants in the Section 8 program. Landlords must ensure their rental properties do not exceed the FMR to remain competitive and attractive to potential tenants using vouchers.
The 11.3% renter share indicates that a significant portion of the population in ZIP 35035 relies on renting their homes. This suggests a steady demand for rental properties, especially those that are affordable. If you're considering entering the rental market here, the high percentage of renters shows there is an audience ready to lease your property.
The median home value in ZIP 35035 is $287,931. This figure gives insight into the typical price point for acquiring a property in this area. While this is the median value, individual property costs can vary widely based on condition, size, and location.
To succeed with a Section 8 rental, you must verify that your property meets the Housing Quality Standards (HQS) required by the program. These standards ensure that the property is safe, decent, and sanitary. Failing to meet these criteria can result in disqualification from the program, even if you have already been approved and have tenants in place.
In summary, the FMR of $970 sets the upper limit for voucher payments in ZIP 35035, indicating a strong demand for affordable rentals given the 11.3% renter share. With a median home value of $287,931, acquiring a property is a substantial investment. Before proceeding, ensure your property complies with the HQS to avoid any issues that could jeopardize your participation in the Section 8 program.
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.