Section 8 Fair Market Rent (FMR) for ZIP 37364 - 2027

FY 2027 Fair Market Rent Rates

The Fair Market Rent (FMR) for ZIP code 37364 is set at $1140 for fiscal year 2024, indicating a relatively affordable rental market within the Cleveland, TN MSA. To contextualize this figure, we refer to the typical FMR data for the Cleveland, TN MSA, which suggests that the region's rental prices are average compared to the national average and more expensive than 62% of other FMR areas.

Given the FMR of $1140, ZIP 37364 appears to be a value pocket within the Cleveland, TN MSA. This designation implies that it offers lower rents compared to surrounding areas, making it an attractive location for Section 8 participants and landlords seeking to cater to this demographic. The lower FMR could also indicate a slower pace of rental price increases relative to the broader metro area.

While specific market rent and home value data for ZIP 37364 were not found, the typical home value in the United States is $366,019, representing a modest increase of 0.4% over the past year. In the absence of direct comparisons, the lower FMR in 37364 might suggest that home values in this ZIP code are also below the national average, although this remains speculative without concrete data.

Landlords in ZIP 37364 should consider the potential for higher occupancy rates among Section 8 participants due to the area's affordability. However, further investigation into local market conditions, including detailed home values and renter shares, would be necessary to confirm if 37364 indeed presents a unique opportunity within the Cleveland, TN MSA.

Data Sources: FMR data from HUD (2027).

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.