Location: Johnson City, TN | Metro: Johnson City, TN MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $860 |
| 1 Bedroom | $940 |
| 2 Bedrooms | $1,110 |
| 3 Bedrooms | $1,330 |
| 4 Bedrooms | $1,660 |
| 5 Bedrooms | $1,926 |
| 6 Bedrooms | $2,157 |
| 7 Bedrooms | $2,330 |
| 8 Bedrooms | $2,447 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 37657 in fiscal year 2024 is set at $880. This figure represents the maximum amount that a Section 8 tenant can be expected to pay towards their housing costs. It's important to note that this is not the rent you will receive; rather, it's the payment standard used by the Housing Choice Voucher program to determine the subsidy amount.
In ZIP 37657, there is currently a strong demand for affordable housing, with 14.3% of the population being renters. This indicates a significant portion of residents who could potentially benefit from Section 8 vouchers, making it a viable option for landlords looking to fill vacancies.
The median home value in this area stands at $256,454, which reflects the typical cost for acquiring a property. When considering a Section 8 rental, ensure that your property meets the local housing quality standards, as this is a requirement for participation in the program.
While the FMR of $880 provides a benchmark for the subsidy, it's crucial to understand that the actual rent you can charge might be lower depending on the tenant's income. The Housing Authority calculates the tenant's contribution based on 30% of their adjusted income, so if the tenant's income is low, their contribution will also be lower, and the government subsidy will make up the difference to reach the $880 limit.
To proceed with a Section 8 rental, verify that your property complies with all necessary inspection requirements. This includes passing a physical inspection to meet health and safety standards, ensuring that your unit is habitable and meets the minimum criteria set by the Housing Authority.
By participating in the Section 8 program, you can tap into a steady stream of tenants who are committed to paying their rent through the voucher system. However, it requires adherence to federal guidelines and cooperation with the local Housing Authority. For a landlord or small-portfolio investor, this can mean a reliable source of income without the risk of vacancy, especially in an area where a significant portion of the population is in need of affordable housing solutions.
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.