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Etowah County/Rainbow City/35906

35906

ZIPSAFMR
Etowah County, AL
Zillow

ZIP Investment Score

112Above average

095130300
BRFMR
Eff. Rent
0 BR$810$890
1 BR$1,000$850
2 BR$1,170$1,100
3 BR$1,480$1,470
4 BR$1,680$1,690
5 BR$1,932Not available
6 BR$2,222Not available
7 BR$2,555Not available
8 BR$2,938Not available

Purchase Price Calculator

Maximum purchase price
$101,543

Cost breakdown

+Likely effective rent$1,100
HUD FMR$1,170
Market rentUsed$1,100
Est. payment standard (96%)$1,120
-Principal and interest-$513
Loan amount$81,234
Down payment$20,309
Rate6.50%
Term30 years
-Operating costs-$387
Property taxes-$102
Insurance-$175
Utilities$0
HOA$0
Management-$110
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$17,918(88.2% ROI)
Projected value
$109,351
Return breakdown
Property appreciation+$7,808
Loan principal paid down+$2,910
Rental cash flow+$7,200
5-year hold
+$30,534(150.3% ROI)
Projected value
$114,887
Return breakdown
Property appreciation+$13,344
Loan principal paid down+$5,190
Rental cash flow+$12,000
10-year hold
+$64,808(319.1% ROI)
Projected value
$129,984
Return breakdown
Property appreciation+$28,441
Loan principal paid down+$12,367
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
0.74
1 BR
1.18
2 BR
1.06
3 BR
1.01
4 BR
0.99
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 35906 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 35906 (Rainbow City, AL) is $1,170 a month. That is up 5.4% from $1,110 in FY 2026. Rainbow City is in the Gadsden, AL MSA. 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 $975. Among 11 ZIP codes in Etowah County, 35906 has the 2nd-highest two-bedroom rent (county range $920–$1,320). The median county two-bedroom FMR in Alabama is $975, so ZIP 35906 is 20% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 35906
BedroomsFY 2027Change90–110% range
Studio$8100.0%$729–$891
1BR$1,000+5.3%$900–$1,100
2BR$1,170+5.4%$1,053–$1,287
3BR$1,480+9.6%$1,332–$1,628
4BR$1,680+7.7%$1,512–$1,848

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 35906
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$810$1,000$1,170$1,480$1,680
FY 2026$810$950$1,110$1,350$1,560
FY 2025$890$1,000$1,140$1,420$1,580
FY 2024$780$960$1,110$1,380$1,480
FY 2023$690$760$890$1,130$1,200

Two-bedroom rent in nearby Etowah County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 35906
35901$960−17.9%
35902$980−16.2%
35903$990−15.4%
35904$940−19.7%
35905$920−21.4%
35906Current$1,170—
35907$1,320+12.8%
35952$920−21.4%
35954$920−21.4%
35956$1,000−14.5%
35990$920−21.4%

Questions about ZIP 35906 rents

How much will Section 8 pay for a two-bedroom in ZIP 35906?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $975, which applies unless the housing authority uses Small Area FMRs, that basic range is $878 to $1,073 a month; under the ZIP-level Small Area FMR of $1,170 it would be $1,053 to $1,287. 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 35906 in?

ZIP 35906 is in the Gadsden, AL MSA. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $975.

How much did fair market rent change in ZIP 35906 for FY 2027?

The two-bedroom FMR rose 5.4%, from $1,110 in FY 2026 to $1,170 in FY 2027. Since FY 2023 it has risen 31.5%.

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