Location: Claiborne County, TN | Metro: Claiborne County, TN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $870 |
| 1 Bedroom | $1,050 |
| 2 Bedrooms | $1,140 |
| 3 Bedrooms | $1,420 |
| 4 Bedrooms | $1,590 |
| 5 Bedrooms | $1,844 |
| 6 Bedrooms | $2,065 |
| 7 Bedrooms | $2,230 |
| 8 Bedrooms | $2,342 |
U.S. Census Bureau data (2024)
The ZIP code 37724 represents a significant opportunity for landlords and small-portfolio investors interested in Section 8 tenants. With a population of 2,214, over 46.2% are renters, indicating a substantial demand for rental properties. This high percentage of renters suggests that the area is renter-heavy, creating a robust market for Section 8 vouchers.
The median household income in this ZIP is $31,941, which is notably lower than the Fair Market Rent (FMR) of $1,030 per month for the fiscal year 2026 in the metro area. The current market rent of $884 is still a significant portion of the average income, consuming approximately 33.6% of the monthly income when calculated on an annual basis. This indicates that many residents rely heavily on housing assistance to afford living spaces.
To put it into perspective, the typical rent of $884 is well below the FMR but remains a considerable expense for local households. Given the income levels and the cost of rent, landlords can expect a high concentration of tenants who qualify for and utilize Section 8 vouchers. These tenants will be looking for affordable housing options that match their financial capabilities.
In summary, ZIP 37724 is a renter-heavy area with a strong demand for Section 8 vouchers due to the relatively low median income compared to both the market rent and the FMR. Landlords should prepare for a tenant pool that primarily consists of individuals and families relying on housing subsidies to cover their rent. This environment supports a steady stream of qualified applicants who are seeking stable, 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.