Location: Hancock County, TN | Metro: Kingsport-Bristol, TN-VA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $760 |
| 1 Bedroom | $840 |
| 2 Bedrooms | $1,000 |
| 3 Bedrooms | $1,210 |
| 4 Bedrooms | $1,360 |
| 5 Bedrooms | $1,578 |
| 6 Bedrooms | $1,767 |
| 7 Bedrooms | $1,908 |
| 8 Bedrooms | $2,003 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 37869 in fiscal year 2024 is set at $910. This figure represents the payment standard for Section 8 vouchers in your area, which is the amount the government will pay towards rent on behalf of eligible tenants. However, it's important to note that this does not mean you should set your rent at $910; rather, it is the maximum amount that can be paid through the voucher program.
In comparison, the average rent for the same ZIP code, according to the Census American Community Survey, is $610. This lower average rent suggests that there is a significant gap between the market rate and what the Section 8 program offers, potentially making it an attractive option for tenants seeking affordable housing.
The 28.5% renter share indicates that nearly three out of every ten households in ZIP 37869 are renters. This points to a substantial demand for rental properties, including those participating in the Section 8 program. Given the high renter share, it is likely that your property will attract interested tenants who qualify for assistance.
If you're looking to acquire a new property in this ZIP code, the median home value is around $178,282. This price reflects the typical cost of purchasing a home in the area, which can be a significant investment. However, the long-term benefits of steady rental income and reduced vacancy rates can make it a worthwhile venture.
Before proceeding with your first Section 8 rental in ZIP 37869, ensure you verify the property meets all HUD (Department of Housing and Urban Development) requirements. These standards include safety, health, and structural criteria, ensuring the property is habitable and up to code. Compliance with these requirements is essential for approval and maintaining your participation in the program.
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.