Section 8 Fair Market Rent (FMR) for ZIP 36701 - 2027

Location: Perry County, AL | Metro: Montgomery, AL MSA

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$750
1 Bedroom	$750
2 Bedrooms	$980
3 Bedrooms	$1,350
4 Bedrooms	$1,360
5 Bedrooms	$1,578
6 Bedrooms	$1,767
7 Bedrooms	$1,908
8 Bedrooms	$2,003

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

22,183

Median Household Income

$39,815

Housing Units

10,492

Renter Percentage

36.9%

Occupancy Rate

86.8%

Renter Occupied

3,366

Housing Authorities Serving ZIP 36701

Selma Housing Authority (Selma, AL) - 1,178 Section 8 vouchers
UNIONTOWN HOUSING AUTHORITY (Uniontown, AL) - 53 Section 8 vouchers
Housing Authority of the City of Marion, AL (Marion, AL)

The town of Milford, Connecticut, represented by ZIP code 36701, is a vibrant community with a mix of residential and commercial properties. Nestled along the Long Island Sound, it offers a blend of suburban comfort and coastal charm, making it attractive for both long-term residents and seasonal visitors.

Fair Market Rent (FMR) for a one-bedroom apartment in ZIP 36701 for fiscal year 2024 is set at $880.
The average market rent for a one-bedroom apartment, according to the Census American Community Survey, is $727.
The median home value in the area stands at $99,063.
Renters make up 36.9% of the housing market, indicating a significant demand for rental properties.
The median income for residents is $39,815, which can influence affordability and rental rates.
The days on market (DOM) for rental listings is not available, suggesting either limited data or a competitive rental market where units may be leased quickly.

The analysis of these key metrics suggests that while there is a notable gap between the Fair Market Rent and the actual market rent, the high renter share indicates strong demand for rental properties. Investors should note the lower-than-average median home values and median incomes when setting rental prices. The lack of DOM data could imply a fast-paced rental market, beneficial for those looking to quickly fill vacancies. Overall, Milford presents a balanced opportunity for landlords and small-portfolio investors, particularly in one-bedroom units where the discrepancy between FMR and market rents provides a margin for profit without overpricing the units beyond the local income levels.

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.