Location: Morgan County, TN | Metro: Morgan County, TN HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $810 |
| 1 Bedroom | $810 |
| 2 Bedrooms | $1,060 |
| 3 Bedrooms | $1,450 |
| 4 Bedrooms | $1,500 |
| 5 Bedrooms | $1,740 |
| 6 Bedrooms | $1,949 |
| 7 Bedrooms | $2,105 |
| 8 Bedrooms | $2,210 |
U.S. Census Bureau data (2024)
The ZIP code 37770 stands out due to its unique mix of low rental activity and relatively high median home values. With only 2,756 residents and a mere 8.3% of them renting, this area is predominantly owned by its occupants. The median income in ZIP 37770 is $47,835, which is typical for many rural areas but contrasts with the median home value of $206,939, suggesting that homeownership is still a significant expense.
Moving into the specifics of Section 8 housing, the Fair Market Rent (FMR) for ZIP 37770 is set at $960 for fiscal year 2024. This figure is notably higher than the reported market rent of $715, based on Census ACS data. This discrepancy indicates a potential opportunity for landlords who can leverage the higher FMR rates to offset some of the costs associated with maintaining rental properties. However, it's important to note that the demand for rental units is limited in this ZIP code, given the low percentage of renters.
The data signature for ZIP 37770 reads as stable. The relatively high median home value paired with a lower percentage of renters suggests that the community is primarily focused on homeownership. This stability means that any changes in the local economy or housing market would likely be gradual rather than sudden, providing a predictable environment for landlords and small-portfolio investors.
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.