Section 8 Fair Market Rent (FMR) for ZIP 37924 - 2027

Location: Knoxville, TN | Metro: Knoxville, TN HUD Metro FMR Area

Investment Score for ZIP 37924

Monthly Rent (2BR)

$1,340

Median Price (2BR)

$220,843

1% Rule

0.61%

Annual Yield

7.28%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

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

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$1,340	$220,843	0.61%	D
3BR	$1,680	$340,052	0.49%	F
4BR	$1,930	$406,475	0.47%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

14,420

Median Household Income

$80,112

Housing Units

6,027

Renter Percentage

23.0%

Occupancy Rate

92.7%

Renter Occupied

1,283

The ZIP code 37924, located in Knoxville, Tennessee, offers a blend of suburban living with easy access to urban amenities. This area is characterized by a mix of single-family homes and rental properties, making it an attractive market for both homeowners and investors.

Fair Market Rent (FMR): The FMR for ZIP 37924 is set at $1070 for the fiscal year 2024, indicating a stable baseline for rental pricing.
Market Rent: The actual market rent, measured by Zillow's ZORI index, stands at $2,346, reflecting a premium over the FMR and suggesting strong demand for rental units.
Median Home Value: With a median home value of $335,615, this area provides a good balance between affordability and property appreciation potential.
Renter Share: Approximately 23.0% of the population are renters, highlighting a significant but not overwhelming reliance on the rental market.
Days on Market (DOM): Properties typically spend 27 days on the market before being rented, which is relatively quick and signals a healthy turnover rate.
Median Income: The median household income in this ZIP code is $80,112, providing tenants with the financial stability to meet rental obligations.

The combination of a robust market rent that exceeds the FMR, a moderate median home value, and a reasonable renter share points to a balanced investment opportunity in ZIP 37924. The quick DOM indicates that rental properties are sought after and can be leased efficiently, while the solid median income supports the sustainability of rental payments. For landlords and small-portfolio investors, this area presents a favorable environment for generating steady rental income with room for property value growth.

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.