Location: Moore County, TN | Metro: Lincoln County, TN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $770 |
| 1 Bedroom | $840 |
| 2 Bedrooms | $1,020 |
| 3 Bedrooms | $1,380 |
| 4 Bedrooms | $1,500 |
| 5 Bedrooms | $1,740 |
| 6 Bedrooms | $1,949 |
| 7 Bedrooms | $2,105 |
| 8 Bedrooms | $2,210 |
U.S. Census Bureau data (2024)
The rental landscape in ZIP code 37359, where the median income stands at $77,941, presents a nuanced picture when compared to the market rate and voucher payment standards. The Census ACS reports a market rate of $968 for renting in this area, which means that a household earning the median income would spend approximately 15.0% of their monthly income on rent. This percentage, while significant, is within a range that many households find manageable, especially considering other living expenses.
However, the Federal Market Rent (FMR) standard for the metro area in fiscal year 2026 is set at $940. This figure represents the maximum amount that a housing voucher would cover for a rental unit. Therefore, a household relying on a voucher would have to pay out-of-pocket for any rent above the $940 threshold, which is only slightly below the market rate of $968. This creates a narrow affordability gap, leaving tenants with little flexibility if they wish to rent outside of the voucher program.
The ZIP code has a relatively low population of 1,062, with 21.9% being renters. Given the small size of the rental market, landlords face direct competition for tenants, particularly those who are seeking affordable housing options. The close alignment between the market rate and the FMR suggests that landlords might need to consider both voucher and cash-paying tenants to ensure a steady stream of income and maintain occupancy rates.
For landlords evaluating their strategy, the key takeaway is that the area's rental market is tight, with a slight preference towards voucher payments due to the minimal difference between the FMR and market rate. Landlords should be prepared to accept vouchers to remain competitive, but there is also potential for attracting cash-paying tenants who can afford the slightly higher market rate without financial assistance. Balancing these two strategies will be crucial for success in ZIP 37359.
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.