Location: Knoxville, TN | Metro: Knoxville, TN HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,060 |
| 1 Bedroom | $1,060 |
| 2 Bedrooms | $1,330 |
| 3 Bedrooms | $1,660 |
| 4 Bedrooms | $1,910 |
| 5 Bedrooms | $2,216 |
| 6 Bedrooms | $2,482 |
| 7 Bedrooms | $2,681 |
| 8 Bedrooms | $2,815 |
The ZIP code 37802 in Tennessee lacks comprehensive demographic data, including population size, percentage of renters, and median household income. This scarcity of information makes it challenging to provide a precise analysis of the area's rental market dynamics. However, we can still draw some conclusions based on the available data.
Without specific income figures, it's difficult to determine if 37802 is a renter-heavy ZIP with deep voucher demand or a homeowner-dominated area where vouchers are less common. The absence of such details hinders a full understanding of the local housing market.
To assess the potential impact of Section 8 vouchers, compare the Fair Market Rent (FMR) to typical market rents. The FMR for FY 2024 in ZIP 37802 is set at $1120. This figure serves as a benchmark for determining the maximum amount of rent assistance that a voucher holder can receive. Landlords should be aware that this amount may vary slightly depending on the specific unit and location within the ZIP code.
Given the lack of median household income data, it's impossible to calculate the exact percentage of local income that typical rent consumes. However, landlords should consider that the FMR of $1120 represents the upper limit of what most voucher holders can afford. Therefore, setting rent above this level would likely reduce the pool of eligible tenants.
In conclusion, landlords in ZIP 37802 should expect tenants who rely on Section 8 vouchers to have limited budgets. The typical rent should align closely with the FMR of $1120 to attract and retain tenants. Landlords must also be prepared to navigate the administrative requirements associated with accepting Section 8 vouchers, ensuring compliance with federal guidelines.
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.