Location: Jackson County, TN | Metro: Macon County, TN HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $840 |
| 1 Bedroom | $860 |
| 2 Bedrooms | $1,000 |
| 3 Bedrooms | $1,330 |
| 4 Bedrooms | $1,480 |
| 5 Bedrooms | $1,717 |
| 6 Bedrooms | $1,923 |
| 7 Bedrooms | $2,077 |
| 8 Bedrooms | $2,181 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,330 | $240,646 | 0.55% | F |
U.S. Census Bureau data (2024)
The median income in ZIP code 37150 stands at $33,047, which poses a significant challenge for households trying to afford the market rate rent of $757. This makes it difficult for many residents to find housing that fits within their budget. When comparing the market rate to the Federal Market Rent (FMR) standard of $880 set for the voucher payment in fiscal year 2024, the disparity becomes even more pronounced. The FMR is higher than the market rate, indicating that voucher holders have a better chance of finding suitable housing within the area.
With 33.0% of the population being renters and a total population of 4,476, the competition among landlords is likely to be intense. The affordability gap means that landlords who rely solely on market-rate rents might struggle to attract tenants, especially those without access to subsidies. On the other hand, landlords who accept vouchers could benefit from a more stable tenant base, given the higher subsidy amount relative to the market rate.
The takeaway for landlords considering voucher versus cash-pay strategies is clear: accepting vouchers can be a more reliable source of rental income in ZIP 37150. Given the median income and the high subsidy amounts, vouchers provide a buffer against the financial constraints faced by many local renters. Landlords should weigh the benefits of increased occupancy and stability against any administrative complexities associated with voucher programs. In a market where the median income is significantly lower than both the market rate and the voucher standard, securing long-term tenants through vouchers can offer a competitive edge.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.