Location: Birmingham-Hoover, AL | Metro: Birmingham-Hoover, AL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,450 |
| 1 Bedroom | $1,550 |
| 2 Bedrooms | $1,690 |
| 3 Bedrooms | $2,120 |
| 4 Bedrooms | $2,390 |
| 5 Bedrooms | $2,772 |
| 6 Bedrooms | $3,105 |
| 7 Bedrooms | $3,353 |
| 8 Bedrooms | $3,521 |
U.S. Census Bureau data (2024)
ZIP code 35229 is positioned within the Birmingham-Hoover, AL HUD Metro FMR Area. According to the data, the Fair Market Rent (FMR) for ZIP 35229 is set at $1500 for FY 2024. This figure is notably higher than the metro-wide FMR for a 1-bedroom apartment, which is $1,155 per month in FY 2026, as reported by HUD.
The market rent and home value data for ZIP 35229 are not available, but we can infer that given the higher FMR, the rental costs and property values in this ZIP code likely exceed the metro average. For context, the metro-wide FMR for a 1-bedroom apartment is **20% higher** than the national average of $959, indicating a relatively expensive market.
In terms of renter share, while the exact percentage for ZIP 35229 is not provided, if it has a significant renter share, especially one that is higher than the typical share within the Birmingham-Hoover metro, it could signal a potential sweet spot for Section 8 vouchers. However, without specific data on the renter share, we cannot definitively conclude this.
To afford the FMR of $1,155 for a 1-bedroom in the Birmingham-Hoover metro, a household would need an annual income of at least $46,200, based on the 30% affordability rule. This implies that ZIP 35229, with its higher FMR, would require a household income of approximately $60,000 to meet the 30% threshold for affordability.
Given the specific FMR of $1500 for ZIP 35229, it appears to be a premium sub-market within the larger Birmingham-Hoover metro area. This conclusion is drawn from the fact that its FMR significantly exceeds the metro-wide averages, suggesting higher rental costs and potentially higher property values. Landlords and small-portfolio investors in ZIP 35229 should consider this when setting rents and evaluating investment opportunities.
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.