Location: Greene County, TN | Metro: Johnson City, TN MSA
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $800 |
| 1 Bedroom | $810 |
| 2 Bedrooms | $1,020 |
| 3 Bedrooms | $1,260 |
| 4 Bedrooms | $1,400 |
| 5 Bedrooms | $1,624 |
| 6 Bedrooms | $1,819 |
| 7 Bedrooms | $1,965 |
| 8 Bedrooms | $2,063 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,260 | $315,639 | 0.4% | F |
U.S. Census Bureau data (2024)
The median income in ZIP code 37641 stands at $66,570 per year, which translates to approximately $5,548 per month. The market rate for rent, according to Census ACS data, is $648 per month. This means that a household in this area could theoretically allocate just over 11% of their monthly income towards rent, making it relatively affordable for them.
However, when comparing this to the voucher payment standard of $930 per month (Fair Market Rent - FMR), the disparity becomes evident. At $930, the rent would consume nearly 17% of the median household's monthly income, significantly higher than the market rate. This highlights a substantial affordability gap for those relying on vouchers versus those paying market rates.
In ZIP 37641, where the population is 9,733 and 17.2% of residents are renters, the competition among landlords is likely to be influenced by these financial dynamics. Landlords who accept vouchers may find themselves catering to a smaller but more price-sensitive segment of the rental market. Conversely, landlords who focus on market-rate tenants might have an easier time finding occupants willing to pay the going rate, albeit they must compete for a slightly larger share of the market.
The takeaway for landlords considering whether to accept voucher tenants or prioritize cash-paying renters is clear. Accepting vouchers can provide a steady stream of income, albeit at a higher cost relative to the local median income. However, focusing on market-rate tenants could attract a broader pool of potential renters, though it requires navigating the competitive landscape of local rental properties. Landlords should weigh the benefits of guaranteed payments against the potential for higher rents and consider the overall demand in the area.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.