Location: Stewart County, TN | Metro: Stewart County, TN HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $970 |
| 1 Bedroom | $1,130 |
| 2 Bedrooms | $1,390 |
| 3 Bedrooms | $1,920 |
| 4 Bedrooms | $2,320 |
| 5 Bedrooms | $2,691 |
| 6 Bedrooms | $3,014 |
| 7 Bedrooms | $3,255 |
| 8 Bedrooms | $3,418 |
U.S. Census Bureau data (2024)
The market dynamics in ZIP 37023 reveal a scenario where demand is likely outpacing supply, based on the snapshot of available data. The Fair Market Rent (FMR) for the area is set at $1020 for the fiscal year 2024, while the actual market rent, as reported by the Census Bureau's American Community Survey (ACS), stands at $1,261. This discrepancy suggests that landlords can command higher rents than the FMR benchmark, indicating strong tenant interest and a competitive rental environment.
The median home value in ZIP 37023 is $236,909. While the percentage of homes being sold at a price cut and the days on market (DOM) are not specified, the fact that there is no indication of widespread price cuts or extended DOM periods implies that the housing market is stable and possibly tight. In a market where supply outpaces demand, we would typically see more properties being offered at reduced prices to attract buyers, along with longer periods before a sale is completed.
A key indicator of long-term housing pressure is the renter share, which is recorded at 19.8% in ZIP 37023. This figure tells us that nearly one in five residents are renters, which is lower compared to national averages. However, it still points towards significant housing pressure, especially if the trend is towards an increasing renter population. With fewer homeowners, there is likely a higher demand for rental properties, creating a steady stream of potential tenants for landlords.
In summary, the market in ZIP 37023 appears to be one where demand is robust, particularly in the rental sector. Landlords can expect to maintain or even increase their rental income above the FMR, thanks to the strong interest from tenants. The relatively low renter share, combined with the stable median home value, suggests a balanced market, but with underlying pressures that favor those who are willing to invest in rental properties.
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.