Section 8 Fair Market Rent (FMR) for ZIP 37656 - 2027

Location: Greene County, TN | Metro: Johnson City, TN MSA

Investment Score for ZIP 37656

N/A

Monthly Rent (2BR)

$1,130

Median Price (2BR)

$N/A

1% Rule

Annual Yield

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$860
1 Bedroom	$880
2 Bedrooms	$1,130
3 Bedrooms	$1,370
4 Bedrooms	$1,500
5 Bedrooms	$1,740
6 Bedrooms	$1,949
7 Bedrooms	$2,105
8 Bedrooms	$2,210

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
3BR	$1,370	$331,926	0.41%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

3,849

Median Household Income

$63,617

Housing Units

1,756

Renter Percentage

12.7%

Occupancy Rate

89.9%

Renter Occupied

201

The ZIP code 37656, located in Tennessee, offers a stable market for real estate investments, particularly for those interested in Section 8 housing opportunities. The area has a mix of residential properties, including both rentals and owner-occupied homes, making it a viable option for landlords and small-portfolio investors.

The Fair Market Rent (FMR) for ZIP 37656 in fiscal year 2024 is set at $910, providing a benchmark for rental prices that align with HUD guidelines for Section 8 properties.
The average market rent in the area stands at $794, according to Census ACS data, indicating that properties priced near the FMR will be competitive but slightly above the local average.
The median home value in ZIP 37656 is $286,097, reflecting the overall property values in the area and suggesting a moderate investment cost for potential homeowners.
Renters make up 12.7% of the population, showing a relatively small but present demand for rental properties. This figure underscores the importance of understanding the local tenant base before investing.
The median income in the area is $63,617, which can influence the affordability of housing and the eligibility criteria for tenants seeking Section 8 assistance.
While the Days on Market (DOM) data is currently unavailable, investors should consider this metric when it becomes available to gauge how quickly properties are selling or renting in the area.

Synthesizing these points, ZIP 37656 presents a balanced market for real estate investments. The FMR being higher than the average market rent suggests a niche opportunity for Section 8 properties, while the median home value indicates a moderate cost for entry-level investments. The relatively low renter share implies a need for careful tenant selection to ensure stability. Investors should also keep an eye on future DOM data to understand the dynamics of the local real estate market better.

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.