Location: Lamar County, AL | Metro: Lamar County, AL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $710 |
| 1 Bedroom | $740 |
| 2 Bedrooms | $920 |
| 3 Bedrooms | $1,210 |
| 4 Bedrooms | $1,210 |
| 5 Bedrooms | $1,404 |
| 6 Bedrooms | $1,572 |
| 7 Bedrooms | $1,698 |
| 8 Bedrooms | $1,783 |
U.S. Census Bureau data (2024)
The median income in ZIP code 35592 stands at $45,526, which places significant constraints on the ability of households to afford the market rate rent of $523 per month. This discrepancy highlights an affordability gap where the average renter might struggle to meet the market demands without financial assistance.
Comparatively, the Fair Market Rent (FMR) standard set by HUD for the metro area in fiscal year 2026 is $780 per month. This figure is notably higher than the current market rate, indicating that voucher holders could potentially afford higher rents, thereby offering landlords a more stable and reliable source of income.
With 31.1% of the 4,357 residents being renters, the competition among landlords is likely to be fierce. The affordability gap means that many tenants are looking for ways to reduce their housing costs, making properties that accept vouchers highly desirable.
For landlords considering their strategy, accepting vouchers in ZIP 35592 can be a prudent move. While the market rate of $523 is below the voucher payment standard of $780, the guaranteed nature of voucher payments can provide a more consistent revenue stream compared to cash-paying tenants who might face greater financial instability. Additionally, the high demand for affordable housing suggests that properties willing to accept vouchers will have a competitive edge in attracting and retaining tenants.
In conclusion, landlords in ZIP 35592 should seriously consider adopting a voucher-friendly approach. It not only aligns with the financial capabilities of the local renter population but also offers a more predictable income model. Accepting vouchers can be a strategic advantage in a market where the median income is lower than both the market rate and the voucher payment standard.
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.