Location: Washington County, AL | Metro: Washington County, AL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $700 |
| 1 Bedroom | $740 |
| 2 Bedrooms | $920 |
| 3 Bedrooms | $1,210 |
| 4 Bedrooms | $1,540 |
| 5 Bedrooms | $1,786 |
| 6 Bedrooms | $2,000 |
| 7 Bedrooms | $2,160 |
| 8 Bedrooms | $2,268 |
U.S. Census Bureau data (2024)
The median income in ZIP code 36529 stands at $76,339. Given the absence of specific market rate data for this area, we cannot directly assess whether a household can afford typical rental costs. However, comparing the median income to the Fair Market Rent (FMR) set at $930 for voucher payments in fiscal year 2024 provides insight into the affordability landscape.
With only 7.6% of the 310 residents being renters, competition among landlords in this ZIP code is likely to be low. This means that those who do offer rentals have a smaller pool of potential tenants to attract, which could lead to a higher demand for affordable housing options. The scarcity of rental properties also suggests that landlords might have more leverage in setting rental prices, but it comes with the challenge of ensuring that their rates align with what the limited number of renters can afford.
The affordability gap, represented by the difference between the median income and the FMR, highlights the financial strain renters face when seeking housing. At an FMR of $930, landlords who aim to cater to voucher recipients must ensure their units meet the standards required for voucher eligibility. This includes not only rent pricing but also property condition and compliance with health and safety regulations.
For landlords considering voucher versus cash-pay strategies, the takeaway is clear: while the competition for rental properties is low, the financial realities of renters suggest a strong interest in affordable housing. Landlords who align their rents with the FMR will likely attract a steady stream of tenants through the voucher program, ensuring consistent occupancy and income. Those who opt for higher cash-pay rents should prepare for a smaller tenant pool and possibly longer vacancy periods.
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.