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Elmore County/Honoraville/36042

36042

ZIPSAFMR
Elmore County, AL
Zillow

ZIP Investment Score

74Below average

095130300
BRFMR
Eff. Rent
0 BR$740$740
1 BR$750$750
2 BR$950$950
3 BR$1,150$1,150
4 BR$1,340$1,340
5 BR$1,541Not available
6 BR$1,772Not available
7 BR$2,038Not available
8 BR$2,344Not available

Purchase Price Calculator

Maximum purchase price
$79,253

Cost breakdown

+Likely effective rent$950
HUD FMRUsed$950
Market rentN/A
Est. payment standardN/A
-Principal and interest-$401
Loan amount$63,402
Down payment$15,851
Rate6.50%
Term30 years
-Operating costs-$349
Property taxes-$79
Insurance-$175
Utilities$0
HOA$0
Management-$95
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$15,565(98.2% ROI)
Projected value
$85,347
Return breakdown
Property appreciation+$6,094
Loan principal paid down+$2,272
Rental cash flow+$7,200
5-year hold
+$26,465(167.0% ROI)
Projected value
$89,668
Return breakdown
Property appreciation+$10,415
Loan principal paid down+$4,051
Rental cash flow+$12,000
10-year hold
+$55,850(352.4% ROI)
Projected value
$101,451
Return breakdown
Property appreciation+$22,198
Loan principal paid down+$9,652
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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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
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Tax rate
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Mortgage rate
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ZIP 36042 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 36042 (Honoraville, AL) is $950 a month. That is up 17.3% from $810 in FY 2026. Honoraville is in the Montgomery, AL MSA, where HUD requires housing authorities to set voucher payment standards by ZIP code using Small Area FMRs. Among 32 ZIP codes in Elmore County, 36042 has the 26th-highest two-bedroom rent (county range $920–$1,630). The median county two-bedroom FMR in Alabama is $975, so ZIP 36042 is 3% below it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 36042
BedroomsFY 2027Change90–110% range
Studio$740+19.4%$666–$814
1BR$750+19.0%$675–$825
2BR$950+17.3%$855–$1,045
3BR$1,150+16.2%$1,035–$1,265
4BR$1,340+19.6%$1,206–$1,474

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 36042
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$740$750$950$1,150$1,340
FY 2026$620$630$810$990$1,120
FY 2025$610$690$800$980$1,110
FY 2024area FMR$836$913$1,092$1,383$1,753
FY 2023area FMR$716$817$977$1,241$1,595

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

Two-bedroom rent in nearby Elmore County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 36042
36032$920−3.2%
36033$920−3.2%
36035$1,050+10.5%
36036$1,120+17.9%
36037$970+2.1%
36039$1,060+11.6%
36042Current$950—
36043$1,080+13.7%
36046$1,030+8.4%
36047$960+1.1%
36048$920−3.2%
36051$1,130+18.9%

Questions about ZIP 36042 rents

How much will Section 8 pay for a two-bedroom in ZIP 36042?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $950, that basic range is $855 to $1,045 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 36042 in?

ZIP 36042 is in the Montgomery, AL MSA. 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 36042 for FY 2027?

The two-bedroom FMR rose 17.3%, from $810 in FY 2026 to $950 in FY 2027. Since FY 2025 it has risen 18.8%.

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