Location: McNairy County, TN | Metro: Jackson, TN HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $790 |
| 1 Bedroom | $870 |
| 2 Bedrooms | $1,140 |
| 3 Bedrooms | $1,510 |
| 4 Bedrooms | $1,590 |
| 5 Bedrooms | $1,844 |
| 6 Bedrooms | $2,065 |
| 7 Bedrooms | $2,230 |
| 8 Bedrooms | $2,342 |
U.S. Census Bureau data (2024)
12.6% of residents in ZIP code 38334 are renters, indicating a modest demand for rental properties. The Fair Market Rent (FMR) for the area, as defined by the Department of Housing and Urban Development for fiscal year 2024, is set at $890. This figure represents the maximum amount a landlord can charge for a unit under the Section 8 program. In comparison, the actual market rent, based on Census ACS data, stands at $636, suggesting that landlords participating in Section 8 could potentially command higher rents than the current market average. The median home value in the area is $168,645, which reflects an affordable housing market for both buyers and investors looking to acquire rental properties. However, the median income of $66,563 indicates that a significant portion of the population may rely on assistance programs like Section 8 to afford housing. Notably, the data does not provide a specific number of days on market (DOM) or the percentage of price-cut shares, which might imply a stable local real estate market without excessive fluctuations. Given the disparity between the FMR and the market rent, coupled with the affordability of homes and the reliance on assistance programs, landlords and small-portfolio investors should consider Section 8 participation as a viable strategy for ensuring steady occupancy and income in ZIP code 38334.
890
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.