Location: Johnson City, TN | Metro: Johnson City, TN MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,000 |
| 1 Bedroom | $1,000 |
| 2 Bedrooms | $1,280 |
| 3 Bedrooms | $1,540 |
| 4 Bedrooms | $1,700 |
| 5 Bedrooms | $1,972 |
| 6 Bedrooms | $2,209 |
| 7 Bedrooms | $2,386 |
| 8 Bedrooms | $2,505 |
To profile ZIP code 37605 in Tennessee for Section 8 tenants, we need to rely on available data points despite some missing figures. The ZIP has a significant renter population, though the exact percentage is unknown. Median household income is also unspecified, which makes it challenging to provide a precise analysis of how local incomes compare to market rents.
The Fair Market Rent (FMR) for ZIP 37605 is set at $1120 per month for FY 2024, according to HUD guidelines. This figure represents the maximum amount that a landlord can charge a Section 8 tenant, assuming the unit meets HUD's housing quality standards. Without the specific market rent figures, we cannot calculate the exact percentage of local income that goes towards rent. However, it is reasonable to infer that if the median household income is below average for the state, a substantial portion of income would be allocated to rent, especially considering the FMR benchmark.
In areas with high renter populations, there tends to be deeper demand for rental properties that accept Section 8 vouchers. Landlords in such areas can expect a steady stream of potential tenants who qualify for the program, making their properties more attractive to those seeking affordable housing options. Given the lack of detailed demographic data, we must assume that ZIP 37605 leans towards being a renter-heavy zone, likely with a significant number of individuals relying on Section 8 vouchers due to lower-than-average incomes.
The type of tenant profile a landlord in ZIP 37605 should anticipate includes families and individuals with limited financial resources. These tenants will be looking for affordable housing options and will be willing to comply with the requirements of the Section 8 program. While the specific income levels and market rents are not provided, landlords should prepare for tenants whose monthly rent constitutes a significant portion of their overall income, often upwards of 30% to 50%, depending on individual circumstances.
To conclude, landlords in ZIP 37605 should position themselves to accommodate a high demand for affordable housing units, particularly those that align with the Section 8 voucher program. Setting rents at or below the FMR of $1120 would make units accessible to a larger pool of potential tenants, ensuring occupancy rates remain stable and reflective of the community's needs.
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.