Location: Carroll County, TN | Metro: Jackson, TN HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $800 |
| 1 Bedroom | $870 |
| 2 Bedrooms | $1,140 |
| 3 Bedrooms | $1,510 |
| 4 Bedrooms | $1,660 |
| 5 Bedrooms | $1,926 |
| 6 Bedrooms | $2,157 |
| 7 Bedrooms | $2,330 |
| 8 Bedrooms | $2,447 |
U.S. Census Bureau data (2024)
In ZIP code 38348, the potential risks for Section 8 landlords are significant. First, tenant turnover could be a major issue due to the disparity between the market rent of $741 and the Fair Market Rent (FMR) of $1100 for fiscal year 2024. This difference suggests that tenants might struggle to find alternative housing if their circumstances change, leading to frequent moves and higher vacancy rates. Second, the lack of data on days on market (DOM) indicates a potential blind spot in understanding how quickly properties can be rented out, which is crucial for managing cash flow and minimizing vacancy exposure. Third, the typical home value of $197,582 paired with a median income of $52,604 implies that many homeowners might be deferring maintenance due to financial constraints. This could translate into higher repair costs for landlords who take over these properties, especially if they were previously owner-occupied.
However, these risks are offset by the high concentration of renters in the area, with 21.8% of residents being renters. This high renter density typically correlates with a robust demand for rental housing, including those supported by Section 8 vouchers. The presence of many voucher holders can stabilize occupancy rates and provide a reliable source of income, as long as the landlord is prepared to meet the requirements of the program and possibly deal with some level of tenant turnover.
Verdict: Moderate risk for a first-time Section 8 landlord.
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.