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Shelby County/Alabaster/35114

35114

ZIPSAFMR
Shelby County, AL
Zillow

ZIP Investment Score

89Below average

095130300
BRFMR
Eff. Rent
0 BR$1,140$1,250
1 BR$1,220$1,340
2 BR$1,330$1,420
3 BR$1,670$1,700
4 BR$1,880$1,950
5 BR$2,162Not available
6 BR$2,486Not available
7 BR$2,859Not available
8 BR$3,288Not available

Purchase Price Calculator

Maximum purchase price
$149,095

Cost breakdown

+Likely effective rent$1,420
HUD FMR$1,330
Market rent$1,470
Est. payment standard (107%)Used$1,420
-Principal and interest-$754
Loan amount$119,276
Down payment$29,819
Rate6.50%
Term30 years
-Operating costs-$466
Property taxes-$149
Insurance-$175
Utilities$0
HOA$0
Management-$142
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$22,937(76.9% ROI)
Projected value
$160,559
Return breakdown
Property appreciation+$11,464
Loan principal paid down+$4,273
Rental cash flow+$7,200
5-year hold
+$39,213(131.5% ROI)
Projected value
$168,687
Return breakdown
Property appreciation+$19,592
Loan principal paid down+$7,621
Rental cash flow+$12,000
10-year hold
+$83,918(281.4% ROI)
Projected value
$190,854
Return breakdown
Property appreciation+$41,759
Loan principal paid down+$18,158
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
0.66
1 BR
0.87
2 BR
0.90
3 BR
0.98
4 BR
0.94
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 35114 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 35114 (Alabaster, AL) is $1,330 a month. That is up 1.5% from $1,310 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, 35114 has the 8th-highest two-bedroom rent (county range $1,060–$1,930). The median county two-bedroom FMR in Alabama is $975, so ZIP 35114 is 36% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 35114
BedroomsFY 2027Change90–110% range
Studio$1,140+7.5%$1,026–$1,254
1BR$1,220+1.7%$1,098–$1,342
2BR$1,330+1.5%$1,197–$1,463
3BR$1,670+1.8%$1,503–$1,837
4BR$1,880+1.1%$1,692–$2,068

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 35114
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,140$1,220$1,330$1,670$1,880
FY 2026$1,060$1,200$1,310$1,640$1,860
FY 2025$1,110$1,270$1,410$1,760$1,990
FY 2024$1,140$1,280$1,440$1,820$2,030
FY 2023$1,050$1,140$1,300$1,660$1,810

Two-bedroom rent in nearby Shelby County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 35114
35007$1,540+15.8%
35043$1,580+18.8%
35051$1,060−20.3%
35080$1,930+45.1%
35114Current$1,330—
35124$1,800+35.3%
35147$1,910+43.6%
35176$1,060−20.3%
35185$1,590+19.5%
35238$1,590+19.5%

Questions about ZIP 35114 rents

How much will Section 8 pay for a two-bedroom in ZIP 35114?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,330, that basic range is $1,197 to $1,463 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 35114 in?

ZIP 35114 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 35114 for FY 2027?

The two-bedroom FMR rose 1.5%, from $1,310 in FY 2026 to $1,330 in FY 2027. Since FY 2023 it has risen 2.3%.

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