Skip to main content
Loading page
Jefferson County/Birmingham/35234

35234

ZIPSAFMR
Jefferson County, AL
Zillow

ZIP Investment Score

136High yield potential

095130300
BRFMR
Eff. Rent
0 BR$800$880
1 BR$860$950
2 BR$940$940
3 BR$1,180$1,290
4 BR$1,330$1,420
5 BR$1,529Not available
6 BR$1,759Not available
7 BR$2,023Not available
8 BR$2,326Not available

Purchase Price Calculator

Maximum purchase price
$77,767

Cost breakdown

+Likely effective rent$940
HUD FMR$940
Market rent$940
Est. payment standard (100%)Used$940
-Principal and interest-$393
Loan amount$62,214
Down payment$15,553
Rate6.50%
Term30 years
-Operating costs-$347
Property taxes-$78
Insurance-$175
Utilities$0
HOA$0
Management-$94
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$15,409(99.1% ROI)
Projected value
$83,747
Return breakdown
Property appreciation+$5,980
Loan principal paid down+$2,229
Rental cash flow+$7,200
5-year hold
+$26,194(168.4% ROI)
Projected value
$87,986
Return breakdown
Property appreciation+$10,219
Loan principal paid down+$3,975
Rental cash flow+$12,000
10-year hold
+$55,253(355.2% ROI)
Projected value
$99,548
Return breakdown
Property appreciation+$21,781
Loan principal paid down+$9,471
Rental cash flow+$24,000

Public Housing Authority

Loading Public Housing Authority

Rolodex

Loading Rolodex

Market Alignment

Studio
0.71
1 BR
0.83
2 BR
1.00
3 BR
0.87
4 BR
0.90
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 35234 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 35234 (Birmingham, AL) is $940 a month. That is down 7.8% 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, 35234 has the 96th-highest two-bedroom rent (county range $920–$2,060). The median county two-bedroom FMR in Alabama is $975, so ZIP 35234 is 4% below it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 35234
BedroomsFY 2027Change90–110% range
Studio$800−1.2%$720–$880
1BR$860−4.4%$774–$946
2BR$940−7.8%$846–$1,034
3BR$1,180−7.8%$1,062–$1,298
4BR$1,330−7.0%$1,197–$1,463

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 35234
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$800$860$940$1,180$1,330
FY 2026$810$900$1,020$1,280$1,430
FY 2025$890$1,000$1,130$1,420$1,580
FY 2024$780$850$970$1,240$1,350
FY 2023$690$740$850$1,100$1,190

Two-bedroom rent in nearby Jefferson County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 35234
35224$1,210+28.7%
35226$1,740+85.1%
35228$1,290+37.2%
35229$1,690+79.8%
35231$1,370+45.7%
35232$1,370+45.7%
35233$1,870+98.9%
35234Current$940—
35235$1,490+58.5%
35236$1,370+45.7%
35242$1,680+78.7%
35243$1,830+94.7%

Questions about ZIP 35234 rents

How much will Section 8 pay for a two-bedroom in ZIP 35234?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $940, that basic range is $846 to $1,034 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 35234 in?

ZIP 35234 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 35234 for FY 2027?

The two-bedroom FMR fell 7.8%, from $1,020 in FY 2026 to $940 in FY 2027. Since FY 2023 it has risen 10.6%.

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