Section 8 Fair Market Rent (FMR) for ZIP 38068 - 2027

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

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$840
1 Bedroom	$910
2 Bedrooms	$1,000
3 Bedrooms	$1,310
4 Bedrooms	$1,510
5 Bedrooms	$1,752
6 Bedrooms	$1,962
7 Bedrooms	$2,119
8 Bedrooms	$2,225

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

10,427

Median Household Income

$64,732

Housing Units

4,389

Renter Percentage

26.6%

Occupancy Rate

90.0%

Renter Occupied

1,052

Housing Authorities Serving ZIP 38068

Gallaway Housing Authority (Gallaway, TN)

ZIP code 38068, located in Gibson County, Tennessee, offers a stable real estate market that is particularly favorable for landlords and small-portfolio investors interested in Section 8 properties. The area's demographics and rental market trends provide a solid foundation for investment opportunities.

The Fair Market Rent (FMR) for ZIP 38068 in fiscal year 2024 is set at $960. This figure represents the maximum amount that a Section 8 tenant can pay for a two-bedroom apartment, making it a critical benchmark for rental pricing.
The average market rent for the area, according to Census ACS data, stands at $796. This indicates that properties priced at the FMR level are likely to be above the local average, potentially offering higher returns on investment.
The median home value in ZIP 38068 is $303,882. This suggests that the housing stock is relatively affordable compared to national averages, allowing investors to purchase properties without significant capital outlay.
Renters make up 26.6% of the population, indicating a moderate demand for rental properties. While not a majority, this percentage signals a steady base of potential tenants.
The median income for residents is $64,732, which provides insight into the financial stability of the local population and their ability to afford rental costs associated with Section 8.
The Days on Market (DOM) statistic is currently N/A, suggesting either limited recent sales data or a market that moves quickly once properties become available.

Synthesizing these points, ZIP 38068 presents a balanced opportunity for real estate investors. With a fair market rent above the average market rate, there is potential for positive cash flow when managing Section 8 properties. The median home value indicates that purchasing properties in this area should be financially feasible for most investors. Given the median income, tenants are likely to be financially stable and capable of meeting their obligations under the Section 8 program. The moderate share of renters implies a consistent demand for rental units, though it also suggests that competition among landlords could be stiff. Overall, ZIP 38068 offers a promising environment for those looking to invest in the rental market, especially through the Section 8 program.

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.