Section 8 Fair Market Rent (FMR) for ZIP 38029 - 2027

FY 2027 Fair Market Rent Rates

The ZIP code 38029 is located in Shelby County, Tennessee, and represents a very small neighborhood with a total population of just 29 people. The racial composition is entirely white, indicating a homogeneous community. There is no specific data available regarding the percentage of renters in this area.

The median household income for ZIP code 38029 is listed as $0.00, which is due to the extremely small population size. Similarly, the average household income and per capita income are also reported as $0.00. This lack of detailed income data makes it challenging to assess the economic status of the residents in this area accurately.

Moving to the rent economics, the Fair Market Rent (FMR) for ZIP code 38029 in fiscal year 2024 is set at $1840. Given the limited population and the absence of market rent data, it is difficult to compare the FMR with local rental prices. However, the low population suggests that the area may have fewer rental properties and could be more residential or rural in nature.

Considering the practical aspects of investment, ZIP code 38029 would likely appeal more to a hands-off voucher operator rather than a hands-on value-add buyer. The small population and homogeneous demographic characteristics suggest a stable but limited demand for rental properties. Therefore, active management and property improvements might yield fewer returns compared to areas with higher population density and diverse demographics.

Data Sources: FMR data from HUD (2027).

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.