Location: Montgomery, AL | Metro: Chilton County, AL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $950 |
| 1 Bedroom | $970 |
| 2 Bedrooms | $1,130 |
| 3 Bedrooms | $1,450 |
| 4 Bedrooms | $1,700 |
| 5 Bedrooms | $1,972 |
| 6 Bedrooms | $2,209 |
| 7 Bedrooms | $2,386 |
| 8 Bedrooms | $2,505 |
U.S. Census Bureau data (2024)
The median income in ZIP code 36051 stands at $66,726, which places significant constraints on how much a typical household can afford for housing. The market rate for rent, according to the Census ACS, is $839 per month. This figure represents a substantial portion of the average household's budget, indicating that many residents might find it challenging to cover their living expenses without financial strain.
In comparison, the Fair Market Rent (FMR) set by the federal government for ZIP 36051 in fiscal year 2024 is $1080. This amount is notably higher than the current market rate, suggesting that households receiving Section 8 vouchers could potentially afford higher rents. However, the disparity between the actual market rate and the FMR also highlights an affordability gap for those without assistance, who must pay out-of-pocket at rates closer to the $839 market average.
With only 4.4% of the population being renters and a total population of 3,050, the competition among landlords for tenants is relatively low. This means that landlords have a smaller pool of potential tenants to attract, which can influence their rental pricing strategies and the types of support they offer to renters.
The takeaway for landlords considering whether to accept voucher payments or focus on cash-paying tenants is clear: accepting vouchers can open up a broader tenant base willing to pay closer to the $1080 FMR. While the voucher payment standard is higher than the current market rate, it also requires landlords to comply with additional regulations and inspections associated with the Section 8 program. For those willing to navigate these requirements, it can be a viable strategy to secure stable tenancy. Conversely, landlords who prefer simplicity and fewer bureaucratic hurdles might opt to cater to the local market rate of $839, targeting the smaller but potentially less regulated pool of cash-paying tenants.
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.