Location: Morristown, TN | Metro: Morristown, TN HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $900 |
| 1 Bedroom | $900 |
| 2 Bedrooms | $1,140 |
| 3 Bedrooms | $1,390 |
| 4 Bedrooms | $1,820 |
| 5 Bedrooms | $2,111 |
| 6 Bedrooms | $2,364 |
| 7 Bedrooms | $2,553 |
| 8 Bedrooms | $2,681 |
1030 is the Fair Market Rent (FMR) for ZIP code 37815 in Tennessee for fiscal year 2024. This figure represents the maximum amount landlords can charge tenants participating in the Section 8 program. However, the market rent for the area is currently unavailable, which makes it challenging to compare the FMR against what is typically charged in the private rental sector. Similarly, the median home value, median income, and other key metrics such as the days on market (DOM) and the percentage of homes with price cuts are also not available at this time.
1030 FMR can be a critical benchmark for landlords and small-portfolio investors looking to enter the Section 8 housing market in ZIP 37815. Given the lack of specific data points for market rent and median home values, it's important to rely on the FMR as a reliable indicator of rental rates in the area. The absence of detailed income data suggests that the local economy might not have been fully captured in recent surveys, but the FMR should still provide a reasonable estimate for the rental capacity of low-income families.
1030 is the only concrete figure we have, indicating that landlords must ensure their properties meet the necessary standards to qualify for the Section 8 program without expecting an overabundance of market data to guide pricing decisions. The unknown days on market and price-cut share percentages suggest that there may be limited competition or transparency in the local real estate market, which could work in favor of landlords who are willing to adapt to the Section 8 requirements.
Verdict: With the $1030 FMR as the sole reliable metric, landlords in ZIP 37815 can leverage the Section 8 program to secure steady rental income, though they must operate with caution due to the lack of comprehensive market data.
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.