Location: Meigs County, TN | Metro: Roane County, TN HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $830 |
| 1 Bedroom | $830 |
| 2 Bedrooms | $1,000 |
| 3 Bedrooms | $1,290 |
| 4 Bedrooms | $1,650 |
| 5 Bedrooms | $1,914 |
| 6 Bedrooms | $2,144 |
| 7 Bedrooms | $2,316 |
| 8 Bedrooms | $2,432 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,000 | $344,188 | 0.29% | F |
| 3BR | $1,290 | $494,643 | 0.26% | F |
U.S. Census Bureau data (2024)
The median income in ZIP 37880, located in Ten Mile, TN, stands at $65,208. Given the market rate rent of $693 according to the Census ACS, it becomes evident that the average household struggles to meet these costs comfortably. This financial strain highlights the significant challenge renters face when trying to find affordable housing.
Comparatively, the voucher payment standard for the Fair Market Rent (FMR) in this area for fiscal year 2024 is set at $900. This amount is notably higher than the market rate rent, indicating that households receiving vouchers might have an easier time affording housing in the area. However, the discrepancy between the market rate and the FMR suggests a substantial affordability gap for those without assistance.
With only 10.4% of the population renting and a total population of 3,599, the competition among landlords is relatively low. The small rental market segment implies that there is less pressure on landlords to lower their rates to attract tenants. Yet, the affordability issue remains a critical factor for potential renters.
Landlords considering their strategy should take note of these figures. While the market rate is below the median income, making it theoretically affordable, the reality is that many households will still find it challenging to pay without financial aid. Therefore, landlords who accept vouchers can tap into a more stable tenant pool willing to pay closer to the FMR of $900. For those focusing solely on cash-paying tenants, understanding the local income levels and market rates is crucial to setting competitive and realistic rents.
The takeaway for landlords is clear: accepting vouchers can provide a steady stream of income and reduce vacancy rates, given the higher payment standard compared to the market rate. However, landlords must also be aware of the administrative requirements and potential delays associated with voucher programs. Balancing between voucher and cash-pay strategies, based on the specific dynamics of ZIP 37880, will be key to success in this market.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.