Location: Scott County, TN | Metro: Scott County, TN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $830 |
| 1 Bedroom | $900 |
| 2 Bedrooms | $1,090 |
| 3 Bedrooms | $1,350 |
| 4 Bedrooms | $1,820 |
| 5 Bedrooms | $2,111 |
| 6 Bedrooms | $2,364 |
| 7 Bedrooms | $2,553 |
| 8 Bedrooms | $2,681 |
U.S. Census Bureau data (2024)
The median income in ZIP code 37755 stands at $46,238, which places significant constraints on households looking to afford the market rate rent of $852 per month. This figure represents the Census ACS data, indicating that the average household must allocate a substantial portion of their income towards housing costs.
When compared to the Fair Market Rent (FMR) standard set at $940 for metro FY 2026, it becomes evident that the gap between what residents can afford and what the market demands is considerable. The FMR, which is used to determine the payment standard for housing vouchers, is higher than the actual market rate, suggesting that voucher recipients could potentially pay closer to the FMR through government assistance.
With 35.5% of the 3,404 population being renters, the competition among landlords is likely to be fierce. The affordability gap means that many tenants may struggle to find housing that fits within their budget without some form of subsidy. This situation presents an opportunity for landlords who are willing to accept Section 8 vouchers, as they can secure tenants who might otherwise be priced out of the market.
For landlords considering whether to adopt a voucher-friendly strategy or stick with cash-paying tenants, the decision should be based on the local demand for subsidized housing. Accepting vouchers can ensure a steady stream of rental income, albeit at a slightly lower rate than the market might offer. However, the guarantee of consistent payments and reduced vacancy rates can outweigh the initial lower rent amounts.
In summary, landlords in ZIP 37755 should consider the benefits of accepting Section 8 vouchers. While the typical market rate is $852, the voucher payment standard of $940 provides a viable alternative for securing long-term, reliable tenants in a competitive rental market. This strategy can help navigate the financial realities faced by many local renters and position landlords favorably in a challenging economic environment.
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.