Location: Pike County, AL | Metro: Coffee County, AL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $710 |
| 1 Bedroom | $710 |
| 2 Bedrooms | $930 |
| 3 Bedrooms | $1,170 |
| 4 Bedrooms | $1,300 |
| 5 Bedrooms | $1,508 |
| 6 Bedrooms | $1,689 |
| 7 Bedrooms | $1,824 |
| 8 Bedrooms | $1,915 |
U.S. Census Bureau data (2024)
The ZIP code 36034 presents a dynamic market that is indicative of a balance between supply and demand, but leans towards a slight pressure on rental availability. The Fair Market Rent (FMR) for the area, set at $900 for fiscal year 2026, suggests that the federal government has established a benchmark that slightly exceeds the current market rent of $750, based on recent Census American Community Survey (ACS) data. This implies that rental prices could be expected to rise, aligning with the FMR, which reflects the changing economic landscape and potential growth in the area.
The median home value in ZIP 36034 stands at $151,838. This figure provides insight into the overall property values within the region and can be used to gauge the affordability of homeownership relative to renting. Given the lack of specific data on price-cut shares and days on market (DOM), it's challenging to pinpoint the exact supply-demand ratio. However, the fact that the FMR is higher than the current market rent suggests that there might be a trend towards increasing rental costs, which could indicate a tightening rental market.
The 13.1% renter share in the area is noteworthy. While this percentage is relatively low compared to urban centers, it still represents a significant portion of the housing market. A lower renter share can imply that homeownership is more prevalent, which might reduce immediate pressure on rental availability. However, it also means that any increase in rental demand could lead to rapid changes in the rental market dynamics, as there are fewer units available to absorb new renters. This characteristic makes the market sensitive to shifts in both rental and ownership demand, potentially leading to increased competition for rental properties and upward pressure on rents over the long term.
In summary, ZIP 36034 is a market with a mix of affordable homeownership and rental options, but the trajectory points towards a potential tightening of the rental market. Landlords and small-portfolio investors should monitor these trends closely, as they could impact the rental income and property values in the coming years.
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.