Location: Hardeman County, TN | Metro: Hardeman County, TN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $760 |
| 1 Bedroom | $800 |
| 2 Bedrooms | $1,000 |
| 3 Bedrooms | $1,340 |
| 4 Bedrooms | $1,380 |
| 5 Bedrooms | $1,601 |
| 6 Bedrooms | $1,793 |
| 7 Bedrooms | $1,936 |
| 8 Bedrooms | $2,033 |
U.S. Census Bureau data (2024)
The ZIP code 38067, with a population of 1,830, has a relatively modest rental segment at 12.8%. This indicates that it is not a renter-heavy area but rather leans towards homeownership. The median household income in this ZIP is $57,689, which provides context for the rental market.
The typical market rent stands at $679. This represents approximately 12% of the median household income, calculated by dividing the rent by the median income and multiplying by 100. This figure suggests that rent is a manageable expense for most residents, leaving a significant portion of their income for other necessities.
Comparing the market rent to the Fair Market Rent (FMR), which is set at $930 for fiscal year 2026 in the metro area, highlights a disparity. The FMR is significantly higher than the current market rent, indicating that the housing costs in ZIP 38067 are below the regional average. This could be an advantage for landlords looking to attract tenants who might benefit from the lower cost of living.
Given the income levels and the rent figures, landlords in ZIP 38067 can expect a tenant pool that primarily consists of low-income families and individuals who are likely to rely on Section 8 vouchers. These tenants will have their rent subsidized, making it easier for them to afford housing. However, the voucher demand may not be as deep as in areas with a larger percentage of renters or where the median income is lower relative to the rent.
To summarize, while there is a presence of Section 8 tenants, the overall rental market is smaller compared to the homeownership base. Landlords should prepare for a tenant profile that includes a mix of low-income individuals who may use vouchers, but also be aware that the competition for these vouchers might not be as intense due to the smaller proportion of renters in the area.
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.