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 |
The ZIP code 37684 encompasses the area of Mountain Home, TN, a thriving suburban community with a total population of 27,684 residents. The median household income in this area is $62,684, significantly higher than the state average, making it an affluent neighborhood. The median home value stands at $305,145, reflecting a competitive real estate market.
In terms of rent economics, the Fair Market Rent (FMR) for ZIP 37684 is set at $1120 for the fiscal year 2024. However, the actual market rent is higher, with the median rent being $1,741. This discrepancy suggests that landlords could potentially see higher returns by renting directly to tenants rather than relying solely on Section 8 vouchers.
Given the data, ZIP 37684 is more suited for a hands-on value-add buyer rather than a hands-off voucher operator. The higher market rents indicate a potential for profit through property management and improvements, while the FMR suggests that voucher holders might not cover the full market rent. Landlords should consider the balance between accepting Section 8 vouchers and the possibility of achieving higher rental income through direct market leasing.
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.