Location: Knoxville, TN | Metro: Knoxville, 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 | $1,060 |
| 1 Bedroom | $1,070 |
| 2 Bedrooms | $1,340 |
| 3 Bedrooms | $1,680 |
| 4 Bedrooms | $1,930 |
| 5 Bedrooms | $2,239 |
| 6 Bedrooms | $2,508 |
| 7 Bedrooms | $2,709 |
| 8 Bedrooms | $2,844 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,070 | $160,751 | 0.67% | D |
| 2BR | $1,340 | $190,234 | 0.7% | D |
| 3BR | $1,680 | $275,109 | 0.61% | D |
| 4BR | $1,930 | $359,280 | 0.54% | F |
| 5BR | $2,239 | $415,872 | 0.54% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 37914 in Knoxville, Tennessee, for fiscal year 2024 is set at $1140. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 housing choice voucher program. It is important to note that this is not the actual rent you will receive; it is the payment standard used by the program to determine the subsidy amount.
In comparison, the local Zillow Observed Rental Index (ZORI) for the same area is $1,594. This indicates that the market rent for properties in ZIP 37914 is higher than the Section 8 payment standard. Therefore, landlords who participate in the Section 8 program should expect to receive a lower rent compared to the market rate.
The 33.6% renter share suggests that there is a significant demand for affordable housing in the area. This means that over one-third of the households in ZIP 37914 are renters, many of whom may be eligible for Section 8 assistance. With a substantial portion of the population seeking rental options, participating in the Section 8 program can ensure steady occupancy and income.
If you're considering purchasing a property for your first Section 8 rental in this ZIP code, the median home value is $253,569. This figure reflects the typical cost of acquiring a property suitable for the program. However, the actual price may vary depending on the condition and location of the property.
Before proceeding with a Section 8 rental in ZIP 37914, verify that the property meets all the necessary requirements for the program. These include safety, health, and structural standards, which are essential for approval. Ensuring compliance with these criteria upfront will save time and avoid potential issues later.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.