Location: Sevier County, TN | Metro: Morristown, TN HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,020 |
| 1 Bedroom | $1,030 |
| 2 Bedrooms | $1,200 |
| 3 Bedrooms | $1,550 |
| 4 Bedrooms | $1,650 |
| 5 Bedrooms | $1,914 |
| 6 Bedrooms | $2,144 |
| 7 Bedrooms | $2,316 |
| 8 Bedrooms | $2,432 |
U.S. Census Bureau data (2024)
The ZIP code 37876, located within Sevier County, TN, presents a unique profile when compared against typical metrics for the county. With a Fair Market Rent (FMR) of $1,130 for fiscal year 2024, it sits notably below the market rent of $1,580. This discrepancy suggests that 37876 could be considered a value pocket within its metro, offering rental properties at a lower cost relative to the overall market.
Additionally, the median home value in 37876 is listed at $408,901. While this figure is above average for many rural areas, it remains relatively modest compared to other metropolitan regions, reinforcing the idea of a value pocket. The percentage of renters in this ZIP code is 23.4%, which indicates a significant portion of the population is reliant on rentals. This can be particularly beneficial for landlords interested in Section 8 housing, as it suggests a ready demand for affordable rental units.
The combination of a below-market FMR and a notable renter share points to 37876 being an attractive location for Section 8 properties. Landlords and small-portfolio investors should take note of this potential sweet spot where the demand for affordable housing meets lower-than-average market rents, providing a stable tenant base without the need to charge premium rates.
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.