Location: Lamar County, AL | Metro: Pickens County, AL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $800 |
| 1 Bedroom | $840 |
| 2 Bedrooms | $1,050 |
| 3 Bedrooms | $1,370 |
| 4 Bedrooms | $1,390 |
| 5 Bedrooms | $1,612 |
| 6 Bedrooms | $1,805 |
| 7 Bedrooms | $1,949 |
| 8 Bedrooms | $2,046 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 35576 in fiscal year 2024 is set at $860. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 Housing Choice Voucher program. It's important to note that this is not the actual rent you will receive; it's the benchmark against which rents are compared to ensure they are reasonable.
In comparison, the average rent in ZIP 35576, according to recent Census American Community Survey (ACS) data, is around $675. This suggests that the FMR is higher than the typical market rate, potentially making it an attractive option for landlords looking to secure steady rental income.
The 16.3% renter share indicates that about one in six residents in ZIP 35576 are renters. This provides a solid base of potential tenants who might be interested in Section 8 housing, ensuring a stable demand for your property. However, the success of your rental depends on the number of vouchers available and the willingness of the local housing authority to cover the full FMR.
To acquire a property in this area, you would need to consider the median home value, which stands at approximately $144,579. This figure gives you a sense of the initial investment required if you're planning to purchase a new property to convert into a rental unit.
Before proceeding with a Section 8 rental, it's crucial to verify the local housing authority's policies on rent increases and the availability of vouchers. Specifically, check if the authority will cover the full FMR of $860. This will ensure that you receive the expected rental income without having to subsidize the difference between the FMR and the voucher amount.
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.