Location: Cumberland County, TN | Metro: Cumberland County, TN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $880 |
| 1 Bedroom | $880 |
| 2 Bedrooms | $1,130 |
| 3 Bedrooms | $1,520 |
| 4 Bedrooms | $1,560 |
| 5 Bedrooms | $1,810 |
| 6 Bedrooms | $2,027 |
| 7 Bedrooms | $2,189 |
| 8 Bedrooms | $2,298 |
U.S. Census Bureau data (2024)
The ZIP code 37723 presents an interesting scenario for both renters and landlords. With a median income of $60,526, households in this area face significant challenges when it comes to affording the local rental market. Unfortunately, the exact market rate for rentals is currently marked as N/A, which makes direct comparisons difficult. However, we can analyze the situation based on the Fair Market Rent (FMR) standards set by the government.
The FMR for ZIP 37723 is established at $1,060 per month for the fiscal year 2026. This figure represents the typical amount paid by voucher holders and is a critical benchmark for understanding rental affordability. Given the median income, a household would need to allocate approximately 21% of their annual income to meet the FMR, assuming they are renting a single unit. This is a considerable financial burden, especially considering other living expenses.
The ZIP code has a relatively low percentage of renters at 15.4%, with a total population of 1,420. This indicates that there might be limited competition among landlords for rental properties. The affordability gap, however, means that many potential tenants will likely rely on housing vouchers to secure a place to live. As such, landlords who accept vouchers could find themselves with a steady stream of tenants, albeit at a fixed rate determined by the FMR.
For landlords considering whether to accept voucher payments or focus on cash-paying tenants, the key takeaway is clear. While accepting vouchers guarantees consistent rental income, albeit at a lower rate, it also limits flexibility and negotiation power. On the other hand, pursuing cash-paying tenants requires a keen understanding of the local economic conditions and the ability to offer competitive rates that do not exceed the affordability threshold of most residents. In ZIP 37723, landlords should weigh the benefits of guaranteed, though lower, rental income against the potential for higher returns with cash-paying tenants, while remaining mindful of the overall economic climate and the reliance on vouchers within the community.
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.