Not enough rental comps in this area to determine how FMR aligns with current market rates.
Historical
FY 2023-2027
FMR
FY2027
Property value
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Tax rate
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Mortgage rate
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ZIP 35990 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 35990 (Walnut Grove, AL) is $920 a month. That is up 8.2% from $850 in FY 2026. Walnut Grove 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, 35990 is tied for the 8th-highest two-bedroom rent (county range $920–$1,320). The median county two-bedroom FMR in Alabama is $975, so ZIP 35990 is 6% below it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 35990
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$620
$710
+14.5%
$639–$781
1BR
$730
$810
+11.0%
$729–$891
2BR
$850
$920
+8.2%
$828–$1,012
3BR
$1,030
$1,160
+12.6%
$1,044–$1,276
4BR
$1,170
$1,310
+12.0%
$1,179–$1,441
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 35990
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$710
$810
$920
$1,160
$1,310
FY 2026
$620
$730
$850
$1,030
$1,170
FY 2025
$630
$760
$860
$1,060
$1,180
FY 2024
$630
$770
$870
$1,090
$1,190
FY 2023
$540
$640
$740
$940
$1,010
Two-bedroom rent in nearby Etowah County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 35990?
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 $920 it would be $828 to $1,012. 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 35990 in?
ZIP 35990 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 35990 for FY 2027?
The two-bedroom FMR rose 8.2%, from $850 in FY 2026 to $920 in FY 2027. Since FY 2023 it has risen 24.3%.
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