Location: Knoxville, TN | Metro: Knoxville, TN HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $830 |
| 1 Bedroom | $840 |
| 2 Bedrooms | $1,060 |
| 3 Bedrooms | $1,360 |
| 4 Bedrooms | $1,540 |
| 5 Bedrooms | $1,786 |
| 6 Bedrooms | $2,000 |
| 7 Bedrooms | $2,160 |
| 8 Bedrooms | $2,268 |
U.S. Census Bureau data (2024)
The dynamics of ZIP code 37710 reveal a market in motion, influenced by various factors that shape its rental and homeownership landscape. The Fair Market Rent (FMR) for the area is set at $1050 for fiscal year 2024, indicating a benchmark for what is considered affordable for low- and moderate-income families. In contrast, the actual market rent, as reported by the Census Bureau's American Community Survey (ACS), stands at $675. This suggests that while there might be an upward trend in rental costs aiming towards the FMR, the current market rent remains below this threshold.
The median home value in ZIP 37710 is $124,197, which is relatively modest compared to many other areas across the United States. This figure can imply that the homeownership market is accessible to a broad range of income levels, potentially attracting both first-time buyers and investors looking for affordable opportunities. However, the lack of data on the percentage of price-cut share and days on market (DOM) means we cannot definitively state whether supply outpaces demand or vice versa. These missing metrics would provide clearer insights into the balance between the number of homes available for sale and the interest from potential buyers.
The 18.2% renter share of the population is a significant indicator of long-term housing pressure. A higher renter share often points to economic conditions where homeownership is less feasible for a substantial portion of residents. This could mean that the area has a mix of renters who are priced out of homeownership due to financial constraints, young professionals, students, or those preferring the flexibility of renting over owning. For landlords and small-portfolio investors, this statistic suggests a steady demand for rental properties, as a considerable segment of the population is likely to remain in the rental market for the foreseeable future.
In summary, ZIP 37710 presents a market with a blend of rental and homeownership opportunities. While the rental market shows signs of potential growth towards the FMR, the homeownership market appears to be relatively stable with modest home values. The high renter share indicates sustained pressure on the rental sector, ensuring a consistent tenant pool for property owners. Understanding these dynamics is crucial for landlords and investors to make informed decisions about their portfolios in this area.
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.