Location: Jackson, TN | Metro: Jackson, TN HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,010 |
| 1 Bedroom | $1,110 |
| 2 Bedrooms | $1,450 |
| 3 Bedrooms | $1,840 |
| 4 Bedrooms | $2,000 |
| 5 Bedrooms | $2,320 |
| 6 Bedrooms | $2,598 |
| 7 Bedrooms | $2,806 |
| 8 Bedrooms | $2,946 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 38362 in fiscal year 2024 is set at $1,520. This figure represents the maximum amount that a landlord can receive through the Housing Choice Voucher Program, commonly known as Section 8, for renting a unit in this area. It's important to note that this is not the rent you will charge your tenants directly; it's the reimbursement limit from the government.
In comparison, the average market rent in ZIP 38362, based on Census American Community Survey data, stands at $1,029. This indicates that the FMR is higher than the typical market rate, which could be beneficial for landlords participating in the Section 8 program, as they may receive a slightly higher rent than the local average.
With 27.2% of residents being renters, there is a significant demand for rental properties in this area. This percentage suggests that nearly one in every four people living in ZIP 38362 are likely looking for a place to rent, making it a viable market for new Section 8 rentals.
When considering the purchase of a property for a Section 8 rental, the median home value in ZIP 38362 is approximately $210,652. This gives you an idea of the acquisition cost for a potential investment property in this area. However, remember that the actual cost can vary depending on the condition, size, and location of the property.
Before proceeding with your first Section 8 rental in ZIP 38362, ensure that the property meets the minimum housing quality standards, known as the Housing Quality Standards (HQS). These standards are set by the Department of Housing and Urban Development (HUD) and must be met for the property to qualify for the program. This includes basic maintenance and safety checks, ensuring that the property is livable and up to code.
To summarize, the FMR of $1,520 provides a financial benchmark for landlords, while the local average rent of $1,029 reflects the typical market conditions. With a substantial 27.2% of residents being renters, there is a clear demand for rental units. The median home value of $210,652 offers insight into the potential acquisition costs. Lastly, verifying that your property meets HQS is crucial before entering the Section 8 program.
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.