Location: Tuscaloosa, AL | Metro: Tuscaloosa, AL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $980 |
| 1 Bedroom | $990 |
| 2 Bedrooms | $1,180 |
| 3 Bedrooms | $1,490 |
| 4 Bedrooms | $1,550 |
| 5 Bedrooms | $1,798 |
| 6 Bedrooms | $2,014 |
| 7 Bedrooms | $2,175 |
| 8 Bedrooms | $2,284 |
1130 is the Fair Market Rent (FMR) for ZIP code 35407 in fiscal year 2024, according to HUD standards. This figure represents the maximum amount a landlord can charge for a unit under the Section 8 program. While the market rent for the area is currently unknown, the FMR provides a benchmark for rental pricing in federally assisted housing programs. The median home value and median income figures for the area are also unavailable, making it difficult to assess the overall economic health of the community without additional context. However, the lack of data on these metrics does not diminish the importance of the FMR in guiding rental rates for subsidized housing. With the FMR set at $1130, landlords can ensure they are adhering to federal guidelines while providing affordable housing options to eligible tenants. The unknown days on market (DOM) and price-cut share percentages indicate that there might be limited data available regarding recent sales and listings in the area, which could affect the accuracy of market trend analysis. Nonetheless, the FMR remains a reliable indicator for rental property valuation under the Section 8 program. For landlords and small-portfolio investors looking to participate in the Section 8 program within ZIP 35407, setting rents at or below the $1130 FMR will ensure compliance and potentially attract a steady stream of tenants. Given the available data, landlords should focus on maintaining properties that meet the quality standards required by the program, as the FMR offers a clear guideline for rental rates.
Verdict: ZIP 35407 is suitable for Section 8 participation with a defined FMR of $1130, though broader market insights are lacking.
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.