Location: Carroll County, TN | Metro: Benton County, TN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $760 |
| 1 Bedroom | $790 |
| 2 Bedrooms | $1,000 |
| 3 Bedrooms | $1,240 |
| 4 Bedrooms | $1,560 |
| 5 Bedrooms | $1,810 |
| 6 Bedrooms | $2,027 |
| 7 Bedrooms | $2,189 |
| 8 Bedrooms | $2,298 |
U.S. Census Bureau data (2024)
18.6% of residents in ZIP code 38317 are renters, indicating a moderate demand for rental properties. The Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $940, which provides a benchmark for rental pricing. However, the actual market rent, based on Census ACS data, stands at $625, suggesting a gap between government-set rates and what the local market can bear. This discrepancy presents an opportunity for landlords who can offer properties at or near the $940 FMR, particularly those appealing to Section 8 participants.
$147,126 is the median home value in the area, reflecting a stable housing market. Yet, with a median income of $41,545, many households might struggle to afford homeownership, further supporting the need for affordable rental options. While the data does not provide a specific figure for days on market (DOM), the absence of a high DOM count suggests that homes are selling relatively quickly, which could translate into a similar trend for rental properties if priced correctly.
The lack of detailed information on the percentage of price-cut share indicates that there might be less negotiation in the housing market, making it potentially easier for landlords to maintain their desired rental rates. For landlords and small-portfolio investors looking to enter or expand in ZIP 38317, understanding these figures is crucial for setting competitive rents and attracting tenants eligible for the Section 8 program.
A final consideration is the potential for rental growth towards the FMR as the economy improves and incomes rise. Given the current data, landlords in ZIP 38317 should focus on properties that can command rents close to the $940 FMR while remaining attractive to the $41,545 median income household. The verdict for Section 8 participation in this ZIP code is positive, especially for those who can navigate the balance between market realities and government-set guidelines.
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.