Location: Chattanooga, TN | Metro: Chattanooga, TN-GA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,600 |
| 1 Bedroom | $1,670 |
| 2 Bedrooms | $1,820 |
| 3 Bedrooms | $2,250 |
| 4 Bedrooms | $2,390 |
| 5 Bedrooms | $2,772 |
| 6 Bedrooms | $3,105 |
| 7 Bedrooms | $3,353 |
| 8 Bedrooms | $3,521 |
U.S. Census Bureau data (2024)
The ZIP code 37315, located within the Chattanooga, TN-GA MSA, has a Fair Market Rent (FMR) of $1570 for fiscal year 2024. This figure is critical for understanding how it compares to other ZIP codes within the Chattanooga metropolitan area. The lack of specific data on market rent and home values for ZIP 37315 makes direct comparisons challenging; however, we can still draw some inferences based on the available information.
The FMR of $1570 provides insight into the rental costs that are considered fair for the area. In the context of the Chattanooga, TN-GA MSA, this amount suggests that 37315 is likely positioned as a mid-tier neighborhood. This assessment is made considering that FMRs are typically lower than average market rents but higher than the lowest possible rents, indicating a moderate cost level relative to the metro.
The absence of data on market rent and home values implies that 37315 might be less developed or have fewer transactions compared to other ZIP codes within the same MSA. However, the fact that the renter share percentage is also not provided means we cannot confirm if this ZIP is particularly attractive for Section 8 tenants. Typically, a high renter share coupled with below-average home values can indicate a sweet spot for Section 8 properties, but without this data, such an inference cannot be made.
In conclusion, based on the FMR alone, ZIP 37315 appears to be a mid-tier neighborhood within the Chattanooga, TN-GA MSA. To fully understand its potential as a value pocket or premium sub-market, additional data on market rent, home values, and renter share would be necessary.
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.