FY2024 Fair Market Rents — Alabama Non-Metro
The HUD-published Fair Market Rents for FY2024 in this area are:
Studio
$556
1BR
$637
2BR
$770
3BR
$1,013
4BR
$1,199
Hours/week at min wage
82 hrs
to afford the 2BR FMR @ $7.25/hr (federal)
YoY change (2BR)
+2.7%
+$20 vs FY2023 · 5-yr +13.6%
Voucher payment standard
$693–$847
PHAs set HCV payment at 90–110% of the 2BR FMR
Alabama Non-Metro
Non-Metropolitan area · AL · View full history · Income limits · LIHTC rents
FY2024 Fair Market Rents
| Bedroom Size | Monthly FMR | Annual Equivalent |
|---|---|---|
| Efficiency (Studio) | $556 | $6,672 |
| 1-Bedroom | $637 | $7,644 |
| 2-Bedroom | $770 | $9,240 |
| 3-Bedroom | $1,013 | $12,156 |
| 4-Bedroom | $1,199 | $14,388 |
Recent 2-Bedroom FMR Trend
FY2018 $661 → FY2024 $770
| Fiscal Year | Studio | 1BR | 2BR | 3BR | 4BR |
|---|---|---|---|---|---|
| FY2024 | $556 | $637 | $770 | $1,013 | $1,199 |
| FY2023 | $555 | $652 | $750 | $975 | $1,110 |
| FY2022 | $540 | $635 | $731 | $950 | $1,081 |
| FY2021 | $527 | $620 | $713 | $926 | $1,055 |
| FY2020 | $514 | $604 | $695 | $903 | $1,028 |
| FY2019 | $501 | $589 | $678 | $881 | $1,003 |
| FY2018 | $489 | $575 | $661 | $859 | $978 |
View full FMR history back to FY2000 →
FY2024 Income Limits
Area Median Income (AMI): $55,900
| AMI Level | 1p | 2p | 3p | 4p | 5p | 6p |
|---|---|---|---|---|---|---|
| 30% AMI (Extremely Low) | $11,739 | $13,416 | $15,093 | $16,770 | $18,111 | $19,453 |
| 50% AMI (Very Low) | $19,565 | $22,360 | $25,155 | $27,950 | $30,186 | $32,421 |
| 80% AMI (Low) | $31,303 | $35,776 | $40,248 | $44,720 | $48,297 | $51,875 |
Full income limits table (all 8 household sizes) →
Affordability Snapshot
2BR Annual FMR
$9,240/yr
FMR as % of Area Median Income
16.5% of AMI
Under 30% — affordable at median income
Income Needed (30% rule, 2BR)
$30,800/yr
$2,567/mo gross income
FY2024 LIHTC Maximum Rents
Maximum gross rents for Low-Income Housing Tax Credit units, by income band. Full LIHTC details →
| AMI Band | Studio | 1BR | 2BR | 3BR | 4BR |
|---|---|---|---|---|---|
| 50% AMI Maximum | $489 | $559 | $628 | $754 | $810 |
| 60% AMI Maximum | $586 | $670 | $754 | $905 | $972 |
FY2024 HOME Program Rent Limits
Maximum rents for HOME Investment Partnerships–funded units. High HOME rents apply to most assisted units; Low HOME rents apply to the lowest-income set-aside units. Full HOME rent details →
| Limit Type | Studio | 1BR | 2BR | 3BR | 4BR |
|---|---|---|---|---|---|
| High HOME Rent | $556 | $637 | $770 | $908 | $908 |
| Low HOME Rent | $489 | $559 | $628 | $698 | $754 |
Compare Alabama Non-Metro With Other AL Metros
vs. Anniston-Oxford-Jacksonville, AL MSA
vs. Auburn-Opelika, AL MSA
vs. Birmingham-Hoover, AL HUD Metro FMR Area
vs. Chilton County, AL HUD Metro FMR Area
vs. Columbus, GA-AL MSA