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 |
U.S. Census Bureau data (2024)
ZIP 37890 is located in Tennessee, and its characteristics fall into a moderate category between high yield and low stability. The Fair Market Rent (FMR) for a one-bedroom unit in FY 2024 is set at $1,000, which is notably higher than the market rent of $837. This indicates that there is a significant opportunity for landlords to generate higher yields by participating in the Section 8 program.
The median home value in ZIP 37890 is $295,092, suggesting a relatively stable housing market. However, the percentage of renters is only 22.1%, indicating that the majority of residents own their homes. This could lead to less demand for rental properties compared to areas with a higher percentage of renters.
The median household income in ZIP 37890 is $59,355, which provides some insight into the economic stability of the area. While this figure does not directly correlate with rental stability, it suggests that the local economy supports a moderate level of rental activity.
Given these factors, ZIP 37890 is best classified as a steady-cashflow zone rather than a high-yield/low-stability market. The higher FMR compared to market rent supports good returns, but the relatively low percentage of renters and stable median home value suggest a more consistent and less volatile rental environment.
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.