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Shelby County/Alabaster/35007

35007

ZIPSAFMR
Shelby County, AL
Zillow

ZIP Investment Score

95Above average

095130300
BRFMR
Eff. Rent
0 BR$1,320$1,450
1 BR$1,410$1,380
2 BR$1,540$1,490
3 BR$1,930$1,680
4 BR$2,170$2,110
5 BR$2,496Not available
6 BR$2,870Not available
7 BR$3,300Not available
8 BR$3,795Not available

Purchase Price Calculator

Maximum purchase price
$159,497

Cost breakdown

+Likely effective rent$1,490
HUD FMR$1,540
Market rentUsed$1,490
Est. payment standard (98%)$1,510
-Principal and interest-$807
Loan amount$127,598
Down payment$31,899
Rate6.50%
Term30 years
-Operating costs-$483
Property taxes-$159
Insurance-$175
Utilities$0
HOA$0
Management-$149
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$24,035(75.3% ROI)
Projected value
$171,761
Return breakdown
Property appreciation+$12,264
Loan principal paid down+$4,572
Rental cash flow+$7,200
5-year hold
+$41,111(128.9% ROI)
Projected value
$180,456
Return breakdown
Property appreciation+$20,959
Loan principal paid down+$8,152
Rental cash flow+$12,000
10-year hold
+$88,098(276.2% ROI)
Projected value
$204,170
Return breakdown
Property appreciation+$44,673
Loan principal paid down+$19,425
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
0.84
1 BR
1.02
2 BR
1.03
3 BR
1.15
4 BR
1.03
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 35007 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 35007 (Alabaster, AL) is $1,540 a month. That is up 8.5% from $1,420 in FY 2026. Alabaster is in the Birmingham-Hoover, AL HUD Metro FMR Area, where HUD requires housing authorities to set voucher payment standards by ZIP code using Small Area FMRs. Among 10 ZIP codes in Shelby County, 35007 has the 7th-highest two-bedroom rent (county range $1,060–$1,930). The median county two-bedroom FMR in Alabama is $975, so ZIP 35007 is 58% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 35007
BedroomsFY 2027Change90–110% range
Studio$1,320+14.8%$1,188–$1,452
1BR$1,410+8.5%$1,269–$1,551
2BR$1,540+8.5%$1,386–$1,694
3BR$1,930+8.4%$1,737–$2,123
4BR$2,170+7.4%$1,953–$2,387

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 35007
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,320$1,410$1,540$1,930$2,170
FY 2026$1,150$1,300$1,420$1,780$2,020
FY 2025$1,120$1,280$1,420$1,770$2,010
FY 2024$1,120$1,260$1,420$1,790$2,000
FY 2023$980$1,070$1,220$1,560$1,700

Two-bedroom rent in nearby Shelby County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 35007
35007Current$1,540—
35043$1,580+2.6%
35051$1,060−31.2%
35080$1,930+25.3%
35114$1,330−13.6%
35124$1,800+16.9%
35147$1,910+24.0%
35176$1,060−31.2%
35185$1,590+3.2%
35238$1,590+3.2%

Questions about ZIP 35007 rents

How much will Section 8 pay for a two-bedroom in ZIP 35007?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,540, that basic range is $1,386 to $1,694 a month. The voucher pays the lower of the payment standard or the gross rent, minus the tenant's share, which is usually about 30% of adjusted monthly income. Confirm the local housing authority's current schedule before underwriting.

Which HUD fair market rent area is ZIP 35007 in?

ZIP 35007 is in the Birmingham-Hoover, AL HUD Metro FMR Area. HUD requires Small Area FMRs in this area, so payment standards are set by ZIP code.

How much did fair market rent change in ZIP 35007 for FY 2027?

The two-bedroom FMR rose 8.5%, from $1,420 in FY 2026 to $1,540 in FY 2027. Since FY 2023 it has risen 26.2%.

When do FY 2027 fair market rents take effect?

HUD's FY 2027 fair market rents took effect on October 1, 2026. When FMRs change, housing authorities generally have up to three months to bring payment standards back within 90% to 110% of the new FMR.

Source: HUD FY 2027 Small Area Fair Market Rents and area FMRs. Payment-standard ranges are 90% to 110% of FMR, HUD's basic range, not a housing authority's published schedule. How payment standards are set

County fair market rentAlabaster, AL fair market rentAL statewide rentsWhat is SAFMR?Data sources