Location: Mobile, AL | Metro: Mobile, AL MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $940 |
| 1 Bedroom | $980 |
| 2 Bedrooms | $1,140 |
| 3 Bedrooms | $1,480 |
| 4 Bedrooms | $1,570 |
| 5 Bedrooms | $1,821 |
| 6 Bedrooms | $2,040 |
| 7 Bedrooms | $2,203 |
| 8 Bedrooms | $2,313 |
13% of the housing stock in ZIP 36615 was built between 2009 and 2013, indicating a modest level of new construction over the last decade. The median home age in this area is 42 years, aligning closely with the national median.
$203,400 is the median home value in ZIP 36615, significantly below the national median of $338,100. This makes it an attractive market for both first-time buyers and investors looking for affordable entry points.
$1,410 is the median monthly rent for a four-bedroom property in ZIP 36615, while a studio apartment rents for $740. These figures reflect the rental market dynamics and can inform investment decisions.
$1090 is the Fair Market Rent (FMR) for ZIP 36615 as of the fiscal year 2024, providing a benchmark for rental prices in the area. This figure is crucial for Section 8 landlords to ensure compliance with HUD guidelines.
13.2% is the house appreciation rate in ZIP 36615 over the past 12 months, slightly below the national average of 16.6%, but still indicative of a growing market.
55.2% is the house appreciation rate in ZIP 36615 over the past five years, outpacing the national average of 57.0%, suggesting strong long-term growth potential.
$5.42 is the property tax rate per $1,000 of assessed value in ZIP 36615, lower than the national average of $10.98, making it more financially viable for landlords.
The median income and median home value data indicate that ZIP 36615 is a relatively affordable market, with a strong appreciation trend. For landlords considering Section 8, the $1090 FMR provides a clear guideline for setting rental prices.
Verdict: ZIP 36615 presents a solid opportunity for Section 8 landlords due to its affordability and appreciating property values.
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.