Location: Henry County, AL | Metro: Henry County, AL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $730 |
| 1 Bedroom | $750 |
| 2 Bedrooms | $950 |
| 3 Bedrooms | $1,170 |
| 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)
The ZIP code 36373 has a population of 493 residents, with 11.8% of them being renters. This indicates that the area is primarily dominated by homeowners rather than renters, suggesting that the demand for rental properties using Section 8 vouchers might be relatively low. The median household income stands at $55,800.
To assess the potential impact of Section 8 on the rental market, we must compare the median family income to the Fair Market Rent (FMR), which is set at $870 per month for fiscal year 2024. The FMR is an indicator used by the U.S. Department of Housing and Urban Development (HUD) to determine the maximum payment standard for Section 8 housing assistance.
A landlord in ZIP 36373 should anticipate tenants who are likely to have lower incomes, given the nature of Section 8 assistance. These tenants will be seeking affordable housing options that do not exceed the FMR. With the median household income being significantly higher than the FMR, it implies that the typical rent in the area could consume a smaller percentage of the local income compared to areas where incomes are closer to or below the FMR threshold.
However, since specific market rent figures are not available, it's challenging to provide an exact percentage of how much of the local income goes towards rent. But considering the FMR and the median income, it's reasonable to infer that the average renter in this ZIP would spend less than 15% of their income on rent, which is generally considered affordable under HUD guidelines.
The expected tenant profile for landlords in ZIP 36373 would be individuals or families who qualify for Section 8 vouchers due to their lower income levels relative to the median. These tenants would seek properties that meet the affordability criteria set by HUD, ensuring that their monthly housing costs do not exceed the established FMR of $870. Landlords should prepare to work within these financial constraints while also providing quality housing that meets the needs of those receiving housing assistance.
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.