Location: Johnson City, TN | Metro: Johnson City, TN MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $950 |
| 1 Bedroom | $960 |
| 2 Bedrooms | $1,220 |
| 3 Bedrooms | $1,470 |
| 4 Bedrooms | $1,620 |
| 5 Bedrooms | $1,879 |
| 6 Bedrooms | $2,104 |
| 7 Bedrooms | $2,272 |
| 8 Bedrooms | $2,386 |
U.S. Census Bureau data (2024)
The ZIP code 37682 presents several challenges for landlords considering participation in the Section 8 program. Firstly, tenant turnover is a significant concern due to the disparity between the market rent and the Fair Market Rent (FMR) of $1100 set for FY 2024. This can lead to frequent changes in occupancy, which increases administrative burdens and costs associated with finding and screening new tenants.
Vacancy exposure is another critical issue. The Days on Market (DOM) figure is currently unavailable, making it difficult to predict how long properties might remain vacant. Vacancies are particularly risky because they represent lost income opportunities, and the financial strain can be severe if the property remains unoccupied for an extended period.
Deferred maintenance poses a considerable threat as well. With both the typical home value and the median income figures being unavailable, it's challenging to gauge the financial health of the properties and their owners. Landlords who cannot afford regular upkeep may find themselves dealing with costly repairs that are necessary to meet housing quality standards required by the Section 8 program.
However, these risks must be weighed against the high percentage of renters in the area, though the exact figure is not provided. High renter density often translates into higher demand for rental properties, including those that accept Section 8 vouchers. This demand can stabilize occupancy rates and provide a steady stream of income, even if it's at the subsidized rate.
In conclusion, the lack of specific data points such as market rent, DOM, home values, and median income makes it challenging to fully assess the risk. However, based on the available information, the risk for a first-time Section 8 landlord in ZIP 37682 is moderate.
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.