Location: Birmingham-Hoover, AL | Metro: Birmingham-Hoover, AL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,170 |
| 1 Bedroom | $1,260 |
| 2 Bedrooms | $1,370 |
| 3 Bedrooms | $1,720 |
| 4 Bedrooms | $1,930 |
| 5 Bedrooms | $2,239 |
| 6 Bedrooms | $2,508 |
| 7 Bedrooms | $2,709 |
| 8 Bedrooms | $2,844 |
The ZIP code 35294, located within the Birmingham-Hoover, AL HUD Metro FMR Area, has a Fair Market Rent (FMR) of $1240 for fiscal year 2024. This figure is slightly above the typical FMR for the Birmingham-Hoover area, where the FMR for a 2-bedroom apartment is $1,266 per month in fiscal year 2026.
Note that the specific market rent and home value for ZIP 35294 are not available, nor is the percentage of renters. However, we can infer that since the FMR is higher than the typical FMR for a 2-bedroom unit in the Birmingham-Hoover area, 35294 is likely a mid-tier neighborhood within its metro. It's not necessarily a premium sub-market due to the lack of divergent characteristics such as a high renter share or notably lower home values compared to other parts of the metro.
In conclusion, ZIP 35294 appears to be a mid-tier neighborhood within the Birmingham-Hoover, AL HUD Metro FMR Area. Its FMR is slightly above the average for the area, indicating it is neither a value pocket nor a premium sub-market. Landlords and small-portfolio investors should consider the FMR when setting rents for properties in this ZIP code.
Data Sources: FMR data from HUD (2027).
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.