Location: Daphne-Fairhope-Foley, AL | Metro: Daphne-Fairhope-Foley, AL MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,320 |
| 1 Bedroom | $1,480 |
| 2 Bedrooms | $1,610 |
| 3 Bedrooms | $2,090 |
| 4 Bedrooms | $2,640 |
| 5 Bedrooms | $3,062 |
| 6 Bedrooms | $3,429 |
| 7 Bedrooms | $3,703 |
| 8 Bedrooms | $3,888 |
The ZIP code 36547 in Gulf Shores, Alabama, stands out due to its specific demographic and economic characteristics. As of the latest available data, the area lacks precise figures for residents, rental percentages, median income, and median home values. However, it is crucial to understand the Section 8 voucher economics within this ZIP code.
In fiscal year 2024, the Fair Market Rent (FMR) for a two-bedroom apartment in ZIP 36547 is set at $1,360. This figure represents the average rent amount that the Housing Choice Voucher program will cover. Landlords should note that the actual payment standard can range from 90% to 110% of this FMR, meaning the minimum payment could be $1,224 and the maximum could be $1,496.
The voucher economics in ZIP 36547 have seen a steady increase over the past few years. In 2020, the average FMR for a two-bedroom was $920, which has risen to $1,360 by 2024. This indicates a significant growth in the rental market, likely driven by the area's popularity as a coastal destination.
Given the data available, ZIP 36547 appears to be in a transitional phase. The increasing FMR suggests a rising cost of living and potentially higher demand for rental properties. Landlords and small-portfolio investors should monitor these trends closely to make informed decisions regarding their investments and rental pricing strategies.
Data Sources: FMR data from HUD (2027).
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.