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Jefferson County/Birmingham/35203

35203

ZIPSAFMR
Jefferson County, AL
Zillow

ZIP Investment Score

33Below average

095130300
BRFMR
Eff. Rent
0 BR$1,070$1,180
1 BR$1,150$1,270
2 BR$1,250$1,130
3 BR$1,570$1,330
4 BR$1,760$1,490
5 BR$2,024Not available
6 BR$2,328Not available
7 BR$2,677Not available
8 BR$3,078Not available

Purchase Price Calculator

Maximum purchase price
$106,001

Cost breakdown

+Likely effective rent$1,130
HUD FMR$1,250
Market rentUsed$1,130
Est. payment standard (94%)$1,170
-Principal and interest-$536
Loan amount$84,801
Down payment$21,200
Rate6.50%
Term30 years
-Operating costs-$394
Property taxes-$106
Insurance-$175
Utilities$0
HOA$0
Management-$113
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$18,389(86.7% ROI)
Projected value
$114,152
Return breakdown
Property appreciation+$8,150
Loan principal paid down+$3,038
Rental cash flow+$7,200
5-year hold
+$31,347(147.9% ROI)
Projected value
$119,930
Return breakdown
Property appreciation+$13,929
Loan principal paid down+$5,418
Rental cash flow+$12,000
10-year hold
+$66,599(314.1% ROI)
Projected value
$135,690
Return breakdown
Property appreciation+$29,689
Loan principal paid down+$12,910
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
0.80
1 BR
0.83
2 BR
1.11
3 BR
1.18
4 BR
1.18
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 35203 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 35203 (Birmingham, AL) is $1,250 a month. That is up 22.5% from $1,020 in FY 2026. Birmingham 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 108 ZIP codes in Jefferson County, 35203 is tied for the 54th-highest two-bedroom rent (county range $920–$2,060). The median county two-bedroom FMR in Alabama is $975, so ZIP 35203 is 28% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 35203
BedroomsFY 2027Change90–110% range
Studio$1,070+30.5%$963–$1,177
1BR$1,150+23.7%$1,035–$1,265
2BR$1,250+22.5%$1,125–$1,375
3BR$1,570+22.7%$1,413–$1,727
4BR$1,760+21.4%$1,584–$1,936

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 35203
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,070$1,150$1,250$1,570$1,760
FY 2026$820$930$1,020$1,280$1,450
FY 2025$890$1,000$1,130$1,420$1,580
FY 2024$790$890$1,000$1,260$1,410
FY 2023$730$800$910$1,170$1,260

Two-bedroom rent in nearby Jefferson County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 35203
35201$1,370+9.6%
35202$1,370+9.6%
35203Current$1,250—
35204$920−26.4%
35205$1,460+16.8%
35206$1,190−4.8%
35207$1,020−18.4%
35208$1,170−6.4%
35209$1,690+35.2%
35210$1,340+7.2%
35211$1,230−1.6%
35212$1,040−16.8%

Questions about ZIP 35203 rents

How much will Section 8 pay for a two-bedroom in ZIP 35203?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,250, that basic range is $1,125 to $1,375 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 35203 in?

ZIP 35203 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 35203 for FY 2027?

The two-bedroom FMR rose 22.5%, from $1,020 in FY 2026 to $1,250 in FY 2027. Since FY 2023 it has risen 37.4%.

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