Location: Weakley County, TN | Metro: Weakley County, TN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $760 |
| 1 Bedroom | $760 |
| 2 Bedrooms | $1,000 |
| 3 Bedrooms | $1,190 |
| 4 Bedrooms | $1,660 |
| 5 Bedrooms | $1,926 |
| 6 Bedrooms | $2,157 |
| 7 Bedrooms | $2,330 |
| 8 Bedrooms | $2,447 |
U.S. Census Bureau data (2024)
The median income in ZIP code 38230 stands at $55,365, which contrasts sharply with the market rate rent of $772 per month according to the Census ACS. This indicates that a significant portion of the population may struggle to cover rental expenses without financial assistance. The voucher payment standard, set at $930 for the fiscal year 2026, exceeds the current market rate, suggesting that voucher recipients could potentially afford higher rents than typical cash-paying tenants.
With only 17.3% of the 3,765 residents being renters, competition among landlords is likely to be high. Landlords must consider the balance between accepting vouchers, which guarantee consistent rental payments but may be subject to government regulations, and relying on cash-paying tenants who might offer lower rent amounts but provide greater flexibility in terms of management practices.
The affordability gap highlights a critical decision point for landlords: accepting Section 8 vouchers can stabilize cash flow and reduce tenant turnover, as the payment is guaranteed by the government. However, it also means adhering to certain standards and regulations that might not apply to cash-paying tenants. For those who choose to focus on cash-paying tenants, they must ensure their rents remain competitive and affordable within the context of the local median income.
In conclusion, landlords in ZIP 38230 should weigh the benefits of voucher stability against the potential for higher rents from cash-paying tenants. Given the median income and the current market rate, there is a clear opportunity to attract voucher holders who can afford the $930 FMR, thereby ensuring steady and reliable income streams. However, landlords should also be prepared to adjust their rental rates to match the economic realities faced by many local households, aiming for a sweet spot that maximizes occupancy while maintaining profitability.
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.