Location: Henry County, TN | Metro: Henry County, TN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $830 |
| 1 Bedroom | $830 |
| 2 Bedrooms | $1,090 |
| 3 Bedrooms | $1,310 |
| 4 Bedrooms | $1,570 |
| 5 Bedrooms | $1,821 |
| 6 Bedrooms | $2,040 |
| 7 Bedrooms | $2,203 |
| 8 Bedrooms | $2,313 |
U.S. Census Bureau data (2024)
The ZIP code 38256 presents a dynamic real estate market that is currently experiencing a delicate balance between supply and demand. The Fair Market Rent (FMR) for the area stands at $1,210 as of fiscal year 2026, which is significantly higher than the market rent of $587 reported by the Census ACS. This disparity suggests that there might be an oversupply of rental units compared to the number of renters willing to pay closer to the FMR.
A further indication of this potential oversupply is the low price-cut share of 0.2%. Typically, a lower percentage implies that landlords are less inclined to reduce their asking prices, possibly due to a competitive market where they can maintain higher rents without compromising occupancy rates. However, the combination of a high FMR and a low market rent suggests that landlords may face challenges in achieving their desired rental rates.
The median home value in ZIP 38256 is $200,141. This figure is relatively stable and does not indicate rapid appreciation or depreciation, which could be a sign of a balanced market. However, it's important to note that the Days on Market (DOM) is listed as N/A, which could imply either a very quick sale process or a lack of recent transactional data, making it difficult to assess the current speed of sales.
The 17.5% renter share provides insight into the long-term housing pressures in the area. A smaller proportion of renters relative to homeowners typically means that the majority of residents prefer to own rather than rent. This preference for homeownership could lead to a steady demand for purchasing properties, but it also indicates that the rental market may face sustained pressure to attract tenants, particularly if rental prices do not align with the affordability expectations of the local population.
In summary, ZIP 38256 operates under conditions that suggest a market where supply slightly outpaces demand, especially in the rental sector. The significant gap between the FMR and the actual market rent, coupled with the low price-cut share, paints a picture of a competitive rental environment. The homeownership preference, as evidenced by the renter share, points towards a stable but potentially challenging landscape for landlords seeking to maintain high rental prices.
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.