Location: Lincoln County, TN | Metro: Franklin County, TN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $790 |
| 1 Bedroom | $910 |
| 2 Bedrooms | $1,040 |
| 3 Bedrooms | $1,420 |
| 4 Bedrooms | $1,600 |
| 5 Bedrooms | $1,856 |
| 6 Bedrooms | $2,079 |
| 7 Bedrooms | $2,245 |
| 8 Bedrooms | $2,357 |
U.S. Census Bureau data (2024)
The analysis of ZIP code 37328 in Lincoln County, Tennessee, reveals several key points regarding its viability for Section 8 investments.
The first question to address is whether the rent math works. The Fair Market Rent (FMR) for the metro area for fiscal year 2026 is set at $950. However, the market rent for the area is listed as N/A, which means we lack recent data to compare against the FMR. This absence of current market rent figures makes it challenging to assess if the rent aligns with what tenants can afford or what landlords can expect to receive.
Secondly, the acquisition cost must be considered. The median home value in this ZIP code stands at $269,558. With the days on market (DOM) and the percentage of homes that typically require price cuts also listed as N/A, it's difficult to determine the ease or affordability of acquiring properties here. Landlords and investors would need to seek out current listings and sales trends to make an informed decision about property costs and the competition faced in the local real estate market.
Lastly, the tenant demand must be evaluated. The population of ZIP 37328 is 1,930, with only 2.5% of residents being renters. This low renter share suggests a limited pool of potential tenants, which could impact occupancy rates and the overall demand for rental housing.
Verdict: Investing in ZIP 37328 for Section 8 properties presents challenges due to the lack of current market rent data and uncertain acquisition costs. Additionally, the low renter share indicates that tenant demand might be insufficient to support a robust rental market. Investors should proceed with caution and gather more specific, up-to-date information before committing to this area.
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.