Skip to main content
Loading page
Covington County/Gantt/36038

36038

ZIPSAFMR
Covington County, AL
Zillow

ZIP Investment Score

99Above average

095130300
BRFMR
Eff. Rent
0 BR$740$740
1 BR$750$750
2 BR$960$960
3 BR$1,230$1,230
4 BR$1,600$1,600
5 BR$1,840Not available
6 BR$2,116Not available
7 BR$2,433Not available
8 BR$2,798Not available

Purchase Price Calculator

Maximum purchase price
$80,739

Cost breakdown

+Likely effective rent$960
HUD FMRUsed$960
Market rentN/A
Est. payment standardN/A
-Principal and interest-$408
Loan amount$64,591
Down payment$16,148
Rate6.50%
Term30 years
-Operating costs-$352
Property taxes-$81
Insurance-$175
Utilities$0
HOA$0
Management-$96
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$15,722(97.4% ROI)
Projected value
$86,947
Return breakdown
Property appreciation+$6,208
Loan principal paid down+$2,314
Rental cash flow+$7,200
5-year hold
+$26,737(165.6% ROI)
Projected value
$91,349
Return breakdown
Property appreciation+$10,610
Loan principal paid down+$4,127
Rental cash flow+$12,000
10-year hold
+$56,447(349.6% ROI)
Projected value
$103,353
Return breakdown
Property appreciation+$22,614
Loan principal paid down+$9,833
Rental cash flow+$24,000

Public Housing Authority

Loading Public Housing Authority

Rolodex

Loading Rolodex

Market Alignment

Not enough rental comps in this area to determine how FMR aligns with current market rates.

Historical
FY 2023-2027
FMR
FY2027
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 36038 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 36038 (Gantt, AL) is $960 a month. That is up 20.0% from $800 in FY 2026. Gantt is in the Covington County, AL non-metropolitan 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 county-wide two-bedroom FMR of $921. Among 21 ZIP codes in Covington County, 36038 is tied for the 4th-highest two-bedroom rent (county range $920–$1,220). The median county two-bedroom FMR in Alabama is $975, so ZIP 36038 is 2% below it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 36038
BedroomsFY 2027Change90–110% range
Studio$740+25.4%$666–$814
1BR$750+23.0%$675–$825
2BR$960+20.0%$864–$1,056
3BR$1,230+19.4%$1,107–$1,353
4BR$1,600+19.4%$1,440–$1,760

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 36038
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$740$750$960$1,230$1,600
FY 2026$590$610$800$1,030$1,340
FY 2025$600$600$790$1,040$1,300
FY 2024area FMR$648$652$857$1,133$1,427
FY 2023area FMR$558$562$740$986$1,214

Marked years use a different HUD benchmark than FY 2027, so they are not a like-for-like change.

Two-bedroom rent in nearby Covington County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 36038
36038Current$960—
36401$950−1.0%
36420$920−4.2%
36421$9600.0%
36426$920−4.2%
36432$920−4.2%
36435$940−2.1%
36442$980+2.1%
36453$920−4.2%
36455$920−4.2%
36456$920−4.2%
36460$920−4.2%

Questions about ZIP 36038 rents

How much will Section 8 pay for a two-bedroom in ZIP 36038?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the county-wide two-bedroom FMR of $921, which applies unless the housing authority uses Small Area FMRs, that basic range is $829 to $1,013 a month; under the ZIP-level Small Area FMR of $960 it would be $864 to $1,056. 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 36038 in?

ZIP 36038 is in the Covington County, AL non-metropolitan FMR area. Small Area FMRs are optional here; the county-wide two-bedroom FMR is $921.

How much did fair market rent change in ZIP 36038 for FY 2027?

The two-bedroom FMR rose 20.0%, from $800 in FY 2026 to $960 in FY 2027. Since FY 2025 it has risen 21.5%.

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