Location: Fayette County, AL | Metro: Walker County, AL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $670 |
| 1 Bedroom | $760 |
| 2 Bedrooms | $920 |
| 3 Bedrooms | $1,280 |
| 4 Bedrooms | $1,530 |
| 5 Bedrooms | $1,775 |
| 6 Bedrooms | $1,988 |
| 7 Bedrooms | $2,147 |
| 8 Bedrooms | $2,254 |
U.S. Census Bureau data (2024)
The median income in ZIP code 35549 stands at $47,818. Considering the market rate for rent is $572 per month according to Census ACS data, it becomes evident that the average household in this area faces significant challenges in affording housing without financial assistance. The Family Monthly Income (FMI) for a household to comfortably afford the market rate rent would be approximately $6,864 annually, which is less than the median income. This suggests that many households might struggle to cover other essential expenses while paying the market rate.
Comparatively, the Fair Market Rent (FMR) set at $780 for fiscal year 2026 represents an even higher barrier to affordability for the typical household. To sustain a monthly rent of $780, a household would need an annual income of roughly $9,360, which is far beyond the median income in the area. This discrepancy highlights a substantial affordability gap, indicating that most residents cannot afford the FMR without government support such as housing vouchers.
Given the ZIP code's population of 3,355 and the fact that 18.8% of them are renters, the competition among landlords is likely to be intense for those who can pay the full market rate. However, the majority of potential tenants will be reliant on financial aid to secure housing. Landlords should consider the benefits of accepting housing vouchers to attract these tenants. While the voucher payment standard is lower than the FMR, it still provides a stable source of income and ensures compliance with federal guidelines.
The takeaway for landlords is clear: focusing solely on cash-paying tenants may limit the pool of available renters given the income levels in ZIP 35549. By embracing a strategy that includes accepting housing vouchers, landlords can tap into a broader market and potentially stabilize their rental income, aligning with the financial realities faced by local households.
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.