Location: Stewart County, TN | Metro: Stewart County, TN HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $700 |
| 1 Bedroom | $820 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,400 |
| 4 Bedrooms | $1,690 |
| 5 Bedrooms | $1,960 |
| 6 Bedrooms | $2,195 |
| 7 Bedrooms | $2,371 |
| 8 Bedrooms | $2,490 |
U.S. Census Bureau data (2024)
The median income in ZIP 37058, Dover, TN, stands at $58,871. The market rate for rent is $1,008 per month, according to Census ACS data. This places a significant burden on households, as it represents nearly 21% of their annual income dedicated solely to housing costs.
In comparison, the Fair Market Rent (FMR) set by the Department of Housing and Urban Development (HUD) for ZIP 37058 is $1,020 for fiscal year 2024. This figure closely mirrors the market rate, indicating that the cost of living is already at a level where many residents might struggle to pay rent without assistance.
With only 19.8% of the 7,623 residents being renters, the competition among landlords is relatively low. However, this also means there is a smaller pool of potential tenants who can afford the market rate. The affordability gap is evident when considering the average renter's ability to pay out-of-pocket versus the actual rent charged.
The takeaway for landlords is clear: accepting Section 8 vouchers could be a strategic advantage in attracting and retaining tenants. While vouchers may provide a slightly lower net income compared to market rates, they ensure a steady stream of rental payments and reduce the risk of vacancies in an area where many households are financially stretched.
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.