Location: Florence-Muscle Shoals, AL | Metro: Florence-Muscle Shoals, AL MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $740 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $1,020 |
| 3 Bedrooms | $1,270 |
| 4 Bedrooms | $1,350 |
| 5 Bedrooms | $1,566 |
| 6 Bedrooms | $1,754 |
| 7 Bedrooms | $1,894 |
| 8 Bedrooms | $1,989 |
U.S. Census Bureau data (2024)
1130 dollars is the Fair Market Rent (FMR) for ZIP code 35677 as of fiscal year 2024, setting a benchmark for rental housing standards in the area. 673 dollars represents the average market rent based on Census ACS data, indicating a significant gap between the FMR and what tenants are currently paying. The median home value in this ZIP code stands at 191,424 dollars, which reflects a stable but modest property market. 4.7 percent is the share of renters in the population, suggesting that while a sizable portion of residents are tenants, it's not an overwhelmingly high percentage compared to other areas. 51,964 dollars is the median income, revealing a community where many households could struggle to afford the higher rents set by the FMR. The data does not provide specific days on the market (DOM) or the percentage of homes that have had their prices cut, which would be useful metrics for understanding the current state of the real estate market. However, given the available information, landlords and small-portfolio investors should consider that the current market rent is well below the FMR, potentially offering opportunities to increase rental income without significantly exceeding the affordability threshold for local residents. In conclusion, ZIP 35677 presents a favorable environment for Section 8 participation, with the FMR providing a buffer above current market rates while still being accessible to the majority of the local population.
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.