Section 8 Fair Market Rent (FMR) for ZIP 38059 - 2027

Location: Dyer County, TN | Metro: Gibson County, TN HUD Metro FMR Area

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$810
1 Bedroom	$920
2 Bedrooms	$1,060
3 Bedrooms	$1,390
4 Bedrooms	$1,400
5 Bedrooms	$1,624
6 Bedrooms	$1,819
7 Bedrooms	$1,965
8 Bedrooms	$2,063

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

8,281

Median Household Income

$62,281

Housing Units

3,357

Renter Percentage

30.9%

Occupancy Rate

92.6%

Renter Occupied

959

The ZIP code 38059, located in Gibson County, Tennessee, offers a stable and modest real estate market that is particularly attractive for small-portfolio investors and landlords seeking a low-risk investment environment. The area is characterized by a blend of rural charm and suburban comfort, making it a desirable location for both homeowners and renters.

Fair Market Rent (FMR) for ZIP 38059: The Fair Market Rent for a two-bedroom apartment in ZIP 38059 is set at $950 for fiscal year 2024, according to HUD standards. This figure provides a benchmark for rental pricing and reflects the average rent that tenants can afford.
Market Rent: The actual market rent for a similar two-bedroom unit is slightly lower at $851, based on data from the Census Bureau's American Community Survey. This indicates a slight gap between the HUD benchmark and what the market is currently offering.
Median Home Value: The median home value in ZIP 38059 is $194,493, which is below the national average and suggests that there is potential for appreciation as the local economy grows and property values rise.
Renter Share: Approximately 30.9% of households in ZIP 38059 are renters, a significant portion that ensures a steady demand for rental properties. This statistic highlights the importance of maintaining a good balance between rental and owned properties.
Days on Market (DOM): Data for Days on Market is currently unavailable, but this metric is crucial for understanding how quickly properties sell and can help predict future trends in the housing market.
Median Income: The median household income in ZIP 38059 is $62,281, providing insight into the financial stability of the residents and their ability to pay rent or purchase homes.

In summary, ZIP 38059 presents a balanced real estate market with a strong foundation for both rental and ownership investments. The gap between the HUD Fair Market Rent and the actual market rent suggests a potential opportunity for landlords to increase rents slightly while remaining competitive. The median home value indicates a relatively affordable market, which could attract first-time buyers and drive up property values over time. With a substantial renter share and a median income that supports housing costs, the area promises a reliable tenant base and steady returns for investors.

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.