Rental Benchmark Overview
2-Bedroom Benchmark Rent
$1,345$16,140 per year · HUD Fiscal Year 2026Fair market rent & 30% rule in Foley, AL
Official HUD Fair Market Rents evaluated against local household income benchmarks.
Fair Market Rent Schedule & Wage Requirements: Foley, AL
Calculations assume standard housing affordability guidelines where shelter costs consume no more than 30% of gross income, based on full-time employment of 2,080 annual working hours.
| Bedroom Type | Monthly Rent | Annual Rent | Min. Annual Income | Hourly Wage (40h/wk) |
|---|---|---|---|---|
| Studio / Efficiency | $1,094 | $13,128 | $43,760 | $21.04/hr |
| 1-Bedroom Apartment | $1,200 | $14,400 | $48,000 | $23.08/hr |
| 2-Bedroom ApartmentStandard Benchmark | $1,345 | $16,140 | $53,800 | $25.87/hr |
| 3-Bedroom Home | $1,692 | $20,304 | $67,680 | $32.54/hr |
| 4-Bedroom Home | $2,171 | $26,052 | $86,840 | $41.75/hr |
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Frequently Asked Questions About Rent in Foley, AL
What is the Fair Market Rent for a 2-bedroom in Foley, AL?
For Fiscal Year 2026, the official HUD Fair Market Rent for a 2-bedroom home in Foley, AL is $1,345 per month ($16,140 per year).
What hourly wage is needed to afford rent in Foley, AL?
To comfortably afford a 2-bedroom apartment at $1,345/month without exceeding 30% of income on rent, a full-time worker (40 hours/week, 52 weeks/year) must earn at least $25.87 per hour ($53,800/year).
What are the HUD Fair Market Rents by bedroom count in Foley, AL?
Official 2026 HUD rents in Foley, AL are: Studio: $1,094/mo, 1-Bedroom: $1,200/mo, 2-Bedroom: $1,345/mo, 3-Bedroom: $1,692/mo, and 4-Bedroom: $2,171/mo.
How do HUD Fair Market Rents compare to local incomes in Foley, AL?
At the local Census ACS median household income of $66,336/year ($5,528/month), the benchmark 2-bedroom Fair Market Rent represents 24.3% of monthly income.
How is the 30% housing affordability standard calculated in Foley, AL?
The federal 30% rule states that housing costs should not exceed 30% of gross household income. For a 2-bedroom rent of $1,345/month, the required minimum annual gross income is calculated as ($1,345 × 12) ÷ 0.30 = $53,800 per year.