Shelby County/Chelsea/35043

35043

ZIPSAFMR

Shelby County, AL

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ZIP Investment Score

83Below average

095130300

BR	FMR	Eff. Rent	3Y CAGR
0 BR	$1,350	$1,490	4.9%
1 BR	$1,450	$1,600	4.5%
2 BR	$1,580	$1,610	2.9%
3 BR	$1,980	$1,760	2.1%
4 BR	$2,230	$2,180	3.4%
5 BR	$2,565	Not available	3.4%
6 BR	$2,949	Not available	3.4%
7 BR	$3,392	Not available	3.4%
8 BR	$3,900	Not available	3.3%

Purchase Price Calculator

Maximum purchase price

$177,329

Cost breakdown

+Likely effective rent$1,610

HUD FMR$1,580

Market rent$1,630

Est. payment standard (102%)Used$1,610

-Principal and interest-$897

Loan amount$141,863

Down payment$35,466

Rate6.50%

Term30 years

-Operating costs-$513

Property taxes-$177

Insurance-$175

Utilities$0

HOA$0

Management-$161

=Target cash flow+$200

Calculation mode

BedroomsCash-flow target

Down payment methodDown payment %

HOA / mo

Utilities methodUtilities amount

Management methodManagement % of rent

Hold period projections

Annual appreciation rate

3-year hold

+$25,918(73.1% ROI)

Projected value

$190,964

Return breakdown

Property appreciation+$13,635

Loan principal paid down+$5,083

Rental cash flow+$7,200

5-year hold

+$44,366(125.1% ROI)

Projected value

$200,631

Return breakdown

Property appreciation+$23,302

Loan principal paid down+$9,064

Rental cash flow+$12,000

10-year hold

+$95,264(268.6% ROI)

Projected value

$226,996

Return breakdown

Property appreciation+$49,667

Loan principal paid down+$21,597

Rental cash flow+$24,000

Public Housing Authority

Rolodex

Market Alignment

Studio

0.66ratio

FMR$1,350

Market$2,060

vs market-$710

FMR is below market; voucher rent may lag private rents.

0.66

1 BR

0.77ratio

FMR$1,450

Market$1,890

vs market-$440

FMR is below market; voucher rent may lag private rents.

0.77

2 BR

0.97ratio

FMR$1,580

Market$1,630

vs market-$50

FMR is near market; voucher and private rents are aligned.

0.97

3 BR

1.13ratio

FMR$1,980

Market$1,760

vs market+$220

FMR is above market; underwrite to market rent.

1.13

4 BR

1.02ratio

FMR$2,230

Market$2,180

vs market+$50

FMR is near market; voucher and private rents are aligned.

1.02

0.700.800.901.001.101.201.30aligned range

Historical

FY 2023-2027

FMR: FY2027
Market rent: last ~365 days
Property value: --
Tax rate: --
Mortgage rate: --

ZIP 35043 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 35043 (Chelsea, AL) is $1,580 a month. That is up 7.5% from $1,470 in FY 2026. Chelsea 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, 35043 has the 6th-highest two-bedroom rent (county range $1,060–$1,930). The median county two-bedroom FMR in Alabama is $975, so ZIP 35043 is 62% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 35043
Bedrooms	FY 2026	FY 2027	Change	90–110% range
Studio	$1,190	$1,350	+13.4%	$1,215–$1,485
1BR	$1,340	$1,450	+8.2%	$1,305–$1,595
2BR	$1,470	$1,580	+7.5%	$1,422–$1,738
3BR	$1,840	$1,980	+7.6%	$1,782–$2,178
4BR	$2,090	$2,230	+6.7%	$2,007–$2,453

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 35043
Fiscal year	Studio	1BR	2BR	3BR	4BR
FY 2027	$1,350	$1,450	$1,580	$1,980	$2,230
FY 2026	$1,190	$1,340	$1,470	$1,840	$2,090
FY 2025	$1,170	$1,350	$1,490	$1,860	$2,110
FY 2024	$1,170	$1,270	$1,450	$1,860	$2,020
FY 2023	$1,300	$1,410	$1,610	$2,060	$2,240

Two-bedroom rent in nearby Shelby County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code	2 bedroom	vs. 35043
35007	$1,540	−2.5%
35043Current	$1,580	—
35051	$1,060	−32.9%
35080	$1,930	+22.2%
35114	$1,330	−15.8%
35124	$1,800	+13.9%
35147	$1,910	+20.9%
35176	$1,060	−32.9%
35185	$1,590	+0.6%
35238	$1,590	+0.6%

Questions about ZIP 35043 rents

How much will Section 8 pay for a two-bedroom in ZIP 35043?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,580, that basic range is $1,422 to $1,738 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 35043 in?

ZIP 35043 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 35043 for FY 2027?

The two-bedroom FMR rose 7.5%, from $1,470 in FY 2026 to $1,580 in FY 2027. Since FY 2023 it has fallen 1.9%.

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 rent Chelsea, AL fair market rent AL statewide rents What is SAFMR?Data sources