Section 8 Fair Market Rent (FMR) for ZIP 38233 - 2027

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

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$720
1 Bedroom	$760
2 Bedrooms	$1,000
3 Bedrooms	$1,320
4 Bedrooms	$1,440
5 Bedrooms	$1,670
6 Bedrooms	$1,870
7 Bedrooms	$2,020
8 Bedrooms	$2,121

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

2,674

Median Household Income

$60,000

Housing Units

1,280

Renter Percentage

29.9%

Occupancy Rate

81.1%

Renter Occupied

310

The ZIP code 38233, located in Hardin County, Tennessee, offers a unique blend of rural charm and access to urban amenities. This area is characterized by its modest housing market and a significant portion of renters, making it an interesting target for real estate investment, particularly under the Section 8 program.

The Fair Market Rent (FMR) for ZIP 38233 for fiscal year 2024 is set at $860. This figure represents the maximum amount that landlords can charge for a Section 8 voucher holder, providing a clear guideline for rental pricing in subsidized housing units.
According to the Census American Community Survey, the average market rent for the area is $707. This indicates that there is a potential margin for landlords participating in the Section 8 program, as they can charge closer to the FMR without being significantly above the market rate.
The median home value in ZIP 38233 stands at $144,010. This relatively low figure suggests that the housing market is accessible for both first-time buyers and investors looking to acquire properties at a lower cost.
Renters make up 29.9% of the population in this ZIP code. This significant share of renters highlights the demand for affordable housing options, which aligns well with the goals of the Section 8 program.
The median income for residents is $60,000. This income level supports the presence of a stable tenant base, capable of maintaining consistent rental payments.
Note: The Days on Market (DOM) data is currently unavailable, which would typically provide insight into how quickly properties sell or rent in the area. However, other indicators suggest a steady and manageable real estate market.

In summary, ZIP 38233 presents a balanced opportunity for landlords and small-portfolio investors interested in the Section 8 program. With a fair market rent of $860, slightly above the average market rent of $707, landlords can leverage the subsidy to maintain competitive pricing while ensuring profitability. The low median home value of $144,010 makes property acquisition feasible, and the substantial renter share of 29.9% signals a robust demand for affordable housing. The median income of $60,000 further supports the potential for a reliable tenant pool, minimizing risks associated with rental defaults. Despite the lack of DOM data, the overall economic and housing conditions indicate a promising environment for real estate investment under the Section 8 framework.

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.