FMR is near market; voucher and private rents are aligned.
1.04
2 BR
2 BR
1.22ratio
FMR$1,160
Market$950
vs market+$210
FMR is above market; underwrite to market rent.
1.22
3 BR
3 BR
1.71ratio
FMR$1,610
Market$940
vs market+$670
FMR is above market; underwrite to market rent.
1.71
4 BR
4 BR
1.75ratio
FMR$1,940
Market$1,110
vs market+$830
FMR is above market; underwrite to market rent.
1.75
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
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ZIP 35584 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 35584 (Sipsey, AL) is $1,160 a month. That is up 1.8% from $1,140 in FY 2026. Sipsey is in the Walker County, AL HUD Metro FMR Area. HUD also publishes the ZIP-level Small Area FMRs shown here, but unless the local housing authority has adopted them, vouchers are based on the metro-wide two-bedroom FMR of $949. Among 30 ZIP codes in Walker County, 35584 has the 3rd-highest two-bedroom rent (county range $920–$1,370). The median county two-bedroom FMR in Alabama is $975, so ZIP 35584 is 19% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 35584
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$830
$840
+1.2%
$756–$924
1BR
$930
$950
+2.2%
$855–$1,045
2BR
$1,140
$1,160
+1.8%
$1,044–$1,276
3BR
$1,590
$1,610
+1.3%
$1,449–$1,771
4BR
$1,910
$1,940
+1.6%
$1,746–$2,134
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 35584
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$840
$950
$1,160
$1,610
$1,940
FY 2026
$830
$930
$1,140
$1,590
$1,910
FY 2025
$760
$820
$1,020
$1,430
$1,610
FY 2024area FMR
$642
$652
$857
$1,208
$1,294
FY 2023area FMR
$560
$562
$740
$1,004
$1,042
Marked years use a different HUD benchmark than FY 2027, so they are not a like-for-like change.
Two-bedroom rent in nearby Walker County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 35584?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $949, which applies unless the housing authority uses Small Area FMRs, that basic range is $854 to $1,044 a month; under the ZIP-level Small Area FMR of $1,160 it would be $1,044 to $1,276. 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 35584 in?
ZIP 35584 is in the Walker County, AL HUD Metro FMR Area. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $949.
How much did fair market rent change in ZIP 35584 for FY 2027?
The two-bedroom FMR rose 1.8%, from $1,140 in FY 2026 to $1,160 in FY 2027. Since FY 2025 it has risen 13.7%.
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