Location: Sumter County, AL | Metro: Sumter County, AL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $770 |
| 1 Bedroom | $840 |
| 2 Bedrooms | $990 |
| 3 Bedrooms | $1,360 |
| 4 Bedrooms | $1,460 |
| 5 Bedrooms | $1,694 |
| 6 Bedrooms | $1,897 |
| 7 Bedrooms | $2,049 |
| 8 Bedrooms | $2,151 |
U.S. Census Bureau data (2024)
A skeptical investor might question whether the Fair Market Rent (FMR) of $830 for ZIP 35460 will cover the mortgage on a home. The median home value in this area is $99,200, significantly lower than the national median of $356,000. However, with the median home value being so low, it suggests that homes in this ZIP code are generally affordable. If we consider a typical mortgage rate, the monthly payment on a home valued at $99,200 could be covered by the FMR, but this would depend on the exact terms of the mortgage.
The rental demand in ZIP 35460 stands at 7.4%, which is relatively low. This percentage indicates the proportion of homes that are rented out, suggesting that there is less competition among renters compared to areas with higher percentages. Given the low median home value, it is reasonable to assume that the rental market is somewhat saturated, but the low vacancy rate of 0.0% suggests strong demand relative to supply.
Regarding the pace of voucher usage, the data does not provide specific information on voucher usage in ZIP 35460. However, the median housing rent in this ZIP code is listed as $0, which may indicate that the majority of homes are owner-occupied rather than rented. This lack of data makes it difficult to assess whether vouchers will keep pace with market rents. Landlords should be aware of the potential impact of voucher usage on their rental income and ensure they understand the requirements and benefits associated with accepting housing vouchers.
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.