Location: Randolph County, AL | Metro: Randolph County, AL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $770 |
| 1 Bedroom | $790 |
| 2 Bedrooms | $980 |
| 3 Bedrooms | $1,170 |
| 4 Bedrooms | $1,320 |
| 5 Bedrooms | $1,531 |
| 6 Bedrooms | $1,715 |
| 7 Bedrooms | $1,852 |
| 8 Bedrooms | $1,945 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 36280 in the metro area for fiscal year 2026 is set at $850. This figure represents the payment standard for Section 8 housing vouchers, meaning that if you participate in the program, the government will pay up to $850 per month for a rental unit. However, it's important to note that this does not dictate the rent you can charge tenants; it merely sets the maximum reimbursement rate for voucher holders.
To put this into context, the average rent in ZIP 36280, according to the latest Census American Community Survey (ACS), is $804. While this is slightly below the FMR, it indicates a competitive market where rents are close to the government's payment threshold. Given that 17.1% of residents in the area are renters, there is a significant demand for affordable housing options, making Section 8 properties particularly attractive to potential tenants.
The median home value in ZIP 36280 is $215,815. This suggests that acquiring a property for use in the Section 8 program could be financially viable, especially when considering the steady income stream provided by the government's payment structure. The demand for rental properties combined with the government's willingness to cover a substantial portion of the rent makes this a potentially lucrative investment.
Before proceeding with a Section 8 rental, ensure that your property meets all necessary housing quality standards, known as Housing Quality Standards (HQS). These standards cover various aspects such as safety, cleanliness, and basic amenities. Compliance with these standards is mandatory for acceptance into the program, and failure to meet them can result in rejection or termination of your contract with the housing authority.
In summary, the FMR of $850 aligns closely with the local average rent of $804, indicating strong demand from the 17.1% of renters in the area. With an acquisition cost of around $215,815, the investment can be worthwhile. Just make sure your property passes the HQS inspection to avoid any issues once you're ready to start renting under the Section 8 program.
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.