Location: Jackson County, AL | Metro: Jackson County, AL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $720 |
| 1 Bedroom | $730 |
| 2 Bedrooms | $920 |
| 3 Bedrooms | $1,240 |
| 4 Bedrooms | $1,440 |
| 5 Bedrooms | $1,670 |
| 6 Bedrooms | $1,870 |
| 7 Bedrooms | $2,020 |
| 8 Bedrooms | $2,121 |
U.S. Census Bureau data (2024)
The ZIP code 35774 presents an interesting scenario when analyzed from the perspective of renters. The median income in this area stands at $96,250, which is a significant figure. However, without a specific market rate for rent, it's challenging to determine the exact affordability gap for households. For context, let's consider the Fair Market Rent (FMR) set at $780 for the metro area in fiscal year 2026.
Given the median income, households in 35774 could potentially afford higher rents than the FMR. However, the absence of market rate data suggests that there might be limited rental options available, which could indicate a niche market or a lack of comprehensive rental data. This ambiguity is important for landlords to note as it affects their pricing strategy.
The ZIP code has a very low percentage of renters, at just 0.0%, indicating that the vast majority of the 120 residents own their homes. This points towards a highly competitive environment for landlords, as there are few tenants relative to the number of potential rental units. The scarcity of renters means that landlords must cater to a smaller pool of potential tenants, making it crucial to understand their needs and financial capabilities.
Comparing the FMR of $780 to the median income, we see that the typical household could easily cover this cost, suggesting that the rental market might be underpriced compared to the local economic conditions. However, the low percentage of renters implies that even if they can afford higher rents, there might not be enough demand to justify raising prices beyond the FMR.
Takeaway for Landlords: In ZIP 35774, landlords should focus on optimizing their properties to attract the few renters available. Given the low renter percentage, competing for voucher holders is a viable strategy due to the guaranteed income and lower risk associated with these payments. However, landlords should also be prepared to offer competitive rates to those who prefer paying cash, ensuring that their rental prices reflect the local economic reality while remaining attractive to the limited pool of renters.
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.