Location: Warren County, TN | Metro: Warren County, TN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $780 |
| 1 Bedroom | $800 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,240 |
| 4 Bedrooms | $1,350 |
| 5 Bedrooms | $1,566 |
| 6 Bedrooms | $1,754 |
| 7 Bedrooms | $1,894 |
| 8 Bedrooms | $1,989 |
U.S. Census Bureau data (2024)
The ZIP code 37394 presents an interesting scenario for both renters and landlords alike. The median income for households in this area stands at $48,523, which provides a baseline for understanding the financial capacity of potential tenants.
Unfortunately, the market rate for rentals in ZIP 37394 is currently unavailable, which makes it challenging to assess the overall affordability gap directly. However, we can look at the voucher payment standard, known as the Fair Market Rent (FMR), which is set at $970 for the metro area in fiscal year 2026. This figure represents a government benchmark for rental assistance and gives us insight into what the typical tenant might be able to pay through a voucher program.
With only 5.7% of the 114 residents being renters, competition among landlords is relatively low. This means that landlords have fewer direct competitors but also a smaller pool of potential tenants to draw from. Given the median income and the FMR of $970, many households could find it difficult to afford market-rate rents without some form of subsidy. The disparity between the median income and the rental costs suggests a significant affordability gap, particularly if market rates exceed the FMR significantly.
For landlords considering their strategy regarding voucher versus cash-pay tenants, the takeaway is clear. While there is limited competition, the high likelihood of tenants needing financial assistance points towards the importance of accepting vouchers. By doing so, landlords can tap into a federal support system that guarantees timely rent payments and ensures a stable occupancy rate, even if the total rent received is closer to the FMR rather than potentially higher market rates.
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.