Location: Tuscaloosa, AL | Metro: Greene County, AL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $870 |
| 1 Bedroom | $880 |
| 2 Bedrooms | $1,060 |
| 3 Bedrooms | $1,350 |
| 4 Bedrooms | $1,400 |
| 5 Bedrooms | $1,624 |
| 6 Bedrooms | $1,819 |
| 7 Bedrooms | $1,965 |
| 8 Bedrooms | $2,063 |
U.S. Census Bureau data (2024)
ZIP code 35480 is situated within the Tuscaloosa, AL HUD Metro FMR Area. Its Fair Market Rent (FMR) for fiscal year 2024 is set at $980. However, the market rent data is currently unavailable, which means we must rely on the FMR to make comparisons.
The median home value in ZIP 35480 is $214,202, while the renter share stands at 3.6%. To understand how these figures stack up against the typical ZIP codes in the Tuscaloosa, AL HUD Metro FMR Area, it's important to consider both the FMR and the median home value.
In ZIP 35480, the FMR of $980 suggests that rental properties here are priced slightly above average for the region. The higher FMR indicates that landlords can potentially charge more for their units, aligning with the financial support available through Section 8 vouchers.
The median home value of $214,202 in ZIP 35480 is notably lower than the average home value across the Tuscaloosa, AL HUD Metro FMR Area. This discrepancy could suggest that the area is a value pocket, offering homeownership opportunities at a lower cost compared to other parts of the metro. For landlords and small-portfolio investors, this could mean a lower cost basis for purchasing investment properties.
The relatively low renter share of 3.6% in ZIP 35480 is another point of interest. Typically, a higher renter share combined with lower-than-average home values might indicate a strong potential for Section 8 participation. However, since the renter share is lower, it suggests that fewer residents are renting, possibly due to a preference for homeownership or other factors.
To determine if ZIP 35480 is a sweet spot for Section 8, we would need to see a higher renter share, which isn't present here. Nevertheless, the combination of an FMR above the average and a median home value below the average makes it a noteworthy location for those interested in affordable housing investments.
Landlords should be aware that the lack of market rent data means they cannot directly compare the FMR to actual rental prices, which could affect the attractiveness of the area for Section 8 tenants. Additionally, the low renter share might indicate less demand for rental properties overall, which could influence investment decisions.
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.