Location: Crockett County, TN | Metro: Crockett County, TN HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $720 |
| 1 Bedroom | $800 |
| 2 Bedrooms | $1,040 |
| 3 Bedrooms | $1,370 |
| 4 Bedrooms | $1,510 |
| 5 Bedrooms | $1,752 |
| 6 Bedrooms | $1,962 |
| 7 Bedrooms | $2,119 |
| 8 Bedrooms | $2,225 |
U.S. Census Bureau data (2024)
28.4% of residents in ZIP code 38050 are renters, indicating a significant demand for rental properties in the area. $960 is the Fair Market Rent (FMR) for zip code 38050 as of fiscal year 2024, which represents the upper limit for Section 8 rental assistance payments. This figure is slightly higher than the $866 reported by the Census Bureau's American Community Survey (ACS) as the average market rent for the same area, suggesting that the FMR is set to cover the majority of rental costs without overpaying. However, the median home value is listed as N/A, implying that there might be limited data available on homeownership values, or it could indicate a focus on rental markets rather than sales. The median income of $65,403 provides insight into the economic status of the residents, which can influence their ability to pay higher rents or afford homes. Unfortunately, the days on market (DOM) and the percentage of price-cut shares are also listed as N/A, making it difficult to assess the speed at which properties sell and the frequency of price reductions in the local real estate market.
The discrepancy between the FMR and the market rent indicates a favorable environment for landlords participating in the Section 8 program. With the FMR covering nearly the entire range of market rents, landlords can expect stable cash flows without the need for frequent rent adjustments. Additionally, the high renter share suggests that the demand for rental units is strong, reducing the risk of vacancies. Despite the lack of specific data on DOM and price-cut shares, the economic indicators point towards a solid investment opportunity in the rental sector, particularly for those interested in Section 8 housing. The median income figure supports the viability of tenants qualifying for Section 8, ensuring a steady pool of potential occupants.
Based on the available data, ZIP code 38050 presents a positive outlook for Section 8 participation, with favorable rental rates and a substantial tenant base.
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.