Location: Carroll County, TN | Metro: Carroll County, TN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $930 |
| 1 Bedroom | $960 |
| 2 Bedrooms | $1,210 |
| 3 Bedrooms | $1,500 |
| 4 Bedrooms | $1,890 |
| 5 Bedrooms | $2,192 |
| 6 Bedrooms | $2,455 |
| 7 Bedrooms | $2,651 |
| 8 Bedrooms | $2,784 |
U.S. Census Bureau data (2024)
The rental market in ZIP code 38344 presents a unique challenge for both renters and landlords. The median income of households in this area stands at $54,395, which is significantly lower than the required income to comfortably afford the market rate rent of $886 per month, based on Census ACS data.
To put this into perspective, a typical rule of thumb suggests that rent should not exceed 30% of a household's monthly income. Following this guideline, a household earning the median income would be able to spend approximately $1,360 per month on housing. However, the actual market rate of $886 per month is below this threshold, indicating that it is within reach for many households in the area.
Comparatively, the Fair Market Rent (FMR) set at $1,090 for metro FY 2026 is higher than the current market rate. This means that the government's standard for voucher payments is above what most tenants are currently paying, potentially offering landlords a higher income stream when accepting vouchers.
In ZIP 38344, where 29.0% of the 8,931 population are renters, the affordability gap between the median income and the FMR is substantial. This gap could lead to increased competition among landlords who choose to accept cash-paying tenants, as the pool of households capable of paying the FMR without assistance is limited.
The takeaway for landlords considering their strategy is clear: accepting Section 8 vouchers can provide a steady, government-backed income that exceeds the current market rate. While there may be some administrative overhead associated with voucher programs, the potential for higher rent payments makes it a viable option. Landlords who focus solely on cash-paying tenants might find themselves competing for a smaller pool of renters, limiting their ability to maximize income.
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.