Section 8 Fair Market Rent (FMR) for ZIP 37602 - 2027

FY 2027 Fair Market Rent Rates

The Fair Market Rent (FMR) for ZIP code 37602 in fiscal year 2024 is set at $1120. This figure represents the maximum amount that a landlord can charge as rent for a Section 8 property in this area. It's important to note that this is the payment standard, not necessarily the rent you will receive. The actual rent you can charge is typically calculated as 40% of the tenant's income, but it cannot exceed the FMR.

In comparison to the local average rent, which is currently unavailable, the FMR provides a benchmark for rental pricing in the area. Given that the average renter share in the ZIP code is also listed as N/A%, we can infer that there is a significant demand for affordable housing options. This demand can be a positive indicator for landlords looking to enter the Section 8 market, as it suggests a steady stream of potential tenants.

When acquiring a new property, the median home value in ZIP 37602 is N/A, which is another piece of information that might influence your decision. While this data point is missing, it's crucial to consider the overall cost of the property against the expected rental income. The FMR of $1120 helps ensure that you won't overprice the unit and lose out on potential Section 8 tenants.

Before finalizing your decision to become a Section 8 landlord in ZIP 37602, you must verify that your property meets all the required inspection standards. This includes ensuring that the unit is safe, decent, and sanitary, as these criteria are essential for approval under the program. Failure to meet these standards could result in rejection, delaying your ability to rent the property.

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.