Location: Huntsville, AL | Metro: Huntsville, AL MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $950 |
| 1 Bedroom | $1,030 |
| 2 Bedrooms | $1,180 |
| 3 Bedrooms | $1,530 |
| 4 Bedrooms | $1,900 |
| 5 Bedrooms | $2,204 |
| 6 Bedrooms | $2,468 |
| 7 Bedrooms | $2,665 |
| 8 Bedrooms | $2,798 |
U.S. Census Bureau data (2024)
The ZIP code 35647 is situated in a predominantly homeowner-driven neighborhood with a total population of 909 residents. Only 5.3% of the area's inhabitants are renters, indicating a strong preference for homeownership among local residents. The median household income stands at $90,139, reflecting a relatively affluent community. The median home value in the region is $253,308, which aligns well with the economic status of the area.
From an investment perspective, the Fair Market Rent (FMR) for the ZIP code 35647 for fiscal year 2024 is set at $1040. This figure represents the maximum amount that a landlord can charge for a rental unit under the Section 8 program. However, due to the limited rental market, specific data on market rents is not available, suggesting that the actual market rents could be significantly higher or lower depending on the scarcity of rental properties.
Given these characteristics, ZIP 35647 would likely be more suitable for a hands-on value-add buyer rather than a hands-off voucher operator. The low percentage of renters and the lack of detailed market rent data indicate a niche rental market. A hands-on approach would allow investors to better understand the local rental dynamics, potentially capitalize on the limited supply of rental units, and make informed decisions about property improvements that could increase their attractiveness to tenants. For those interested in a passive hands-off strategy, the small number of potential Section 8 tenants and the need for a deep understanding of the local housing market might pose challenges in effectively managing a portfolio without active involvement.
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.