Location: Henderson County, TN | Metro: Carroll County, TN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $760 |
| 1 Bedroom | $830 |
| 2 Bedrooms | $1,000 |
| 3 Bedrooms | $1,240 |
| 4 Bedrooms | $1,490 |
| 5 Bedrooms | $1,728 |
| 6 Bedrooms | $1,935 |
| 7 Bedrooms | $2,090 |
| 8 Bedrooms | $2,195 |
U.S. Census Bureau data (2024)
An investor might be concerned about whether the Fair Market Rent (FMR) of $1,020 for ZIP 38321 will sufficiently cover the mortgage on a home valued at $200,528. According to recent housing market trends, the median home price in 38321 is around $185,062, indicating that a home priced at $200,528 is slightly above average. However, it's important to consider the interest rates and loan terms when calculating the actual mortgage cost. If the investor can secure a favorable interest rate, the FMR could indeed cover a significant portion of the mortgage payment.
A second objection could be raised regarding the renter demand at 16.8%. This percentage suggests that approximately one-sixth of the households in ZIP 38321 are renters. To put this into perspective, the rental market in 38321 has seen steady growth, with the average monthly rent increasing to about $918. This indicates that there is a reasonable level of demand, although it may not be as robust as in areas with higher percentages of renters. The key here is to understand the local economy and job market, which can influence the stability and growth of the rental demand.
The final concern pertains to whether rental assistance vouchers will keep pace with the market rents of $540. While the data shows that the average rent is around $918, it's crucial to note that voucher amounts can vary widely based on individual circumstances and the availability of funds. The FMR of $1,020 provides a benchmark for what the government considers a fair rent in the area. Investors should monitor local housing authority announcements and trends to ensure they stay informed about any changes in voucher policies and amounts.
In summary, while the data provides insights into the housing and rental market trends in ZIP 38321, some aspects such as mortgage costs and voucher amounts require further investigation to fully address an investor's concerns. The median home price and average rent suggest a stable market, but the specifics of financing and government assistance programs need to be considered carefully.
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.