Section 8 Fair Market Rent (FMR) for ZIP 38042 - 2027

Location: Hardeman County, TN | Metro: Memphis, TN-MS-AR HUD Metro FMR Area

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$970
1 Bedroom	$1,030
2 Bedrooms	$1,270
3 Bedrooms	$1,700
4 Bedrooms	$1,770
5 Bedrooms	$2,053
6 Bedrooms	$2,299
7 Bedrooms	$2,483
8 Bedrooms	$2,607

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

464

Median Household Income

$46,875

Housing Units

392

Renter Percentage

33.3%

Occupancy Rate

66.6%

Renter Occupied

The ZIP code 38042, located in Gibson County, Tennessee, offers a stable rental market primarily driven by its moderate housing values and a significant portion of renters. The area is characterized by its rural setting, with a mix of residential areas and agricultural land, making it an attractive location for those seeking a quieter lifestyle.

The Fair Market Rent (FMR) for ZIP 38042 is set at $1070 per month for the fiscal year 2024, providing a benchmark for rental pricing in the area.
The market rent for the area is currently N/A, indicating that there is limited recent data available to accurately gauge current rental rates beyond the FMR.
The median home value in ZIP 38042 stands at $202,406, which is relatively low compared to urban centers but provides a solid foundation for property investments in the region.
Renters make up a substantial 33.3% of the population, suggesting a healthy demand for rental properties in the area.
The Days on Market (DOM) for the area is listed as N/A, which could mean that the local real estate transactions are less frequent or reported, possibly due to the rural nature of the community.
The median household income in ZIP 38042 is $46,875, reflecting the economic profile of the residents and their potential ability to pay higher rents.

In summary, ZIP 38042 presents a modest yet promising investment opportunity for landlords and small-portfolio investors. With a defined Fair Market Rent and a significant renter share, the area supports steady rental income. However, the lack of recent market rent data and the unknown Days on Market indicate a need for careful consideration and possibly deeper local research before making investment decisions. The lower median home value and median income suggest that the rental market is likely to remain competitive and focused on affordability, making properties priced near or below the FMR attractive options for tenants.

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.