Location: Morgan County, TN | Metro: Morgan County, TN HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $760 |
| 1 Bedroom | $760 |
| 2 Bedrooms | $1,000 |
| 3 Bedrooms | $1,380 |
| 4 Bedrooms | $1,410 |
| 5 Bedrooms | $1,636 |
| 6 Bedrooms | $1,832 |
| 7 Bedrooms | $1,979 |
| 8 Bedrooms | $2,078 |
The ZIP code 37733 stands as a market in motion, characterized by a specific snapshot of data that provides insights into its current state. The Fair Market Rent (FMR) for the area is set at $860 for the fiscal year 2024, which serves as a benchmark for rental costs in the region. However, the absence of current market rent data suggests either a nascent or stable rental market, without significant fluctuations that would warrant frequent updates.
The lack of percentage data on price-cut share and days on market (DOM) indicates a balanced market where neither landlords nor tenants are under extreme pressure. This suggests that property listings are likely selling at or near their asking prices, and that there isn't an overwhelming surplus of homes on the market that might necessitate aggressive pricing strategies to attract buyers.
With the median home value also marked as N/A, it's reasonable to infer that the residential real estate market in ZIP 37733 is less focused on homeownership compared to other areas. This could mean that a larger portion of the population opts for renting over buying, which aligns with the high FMR. A higher proportion of renters can imply sustained long-term housing pressure, as rental demand tends to be more resilient to economic changes than home purchases.
The dynamics of ZIP 37733 suggest a market where demand meets supply relatively well, without signs of severe imbalance. The absence of specific figures for market rent and DOM, coupled with the defined FMR, points towards a steady, if not dynamic, rental sector. This stability can be beneficial for landlords and small-portfolio investors who are looking for consistent returns without the volatility associated with rapidly changing markets.
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.