Location: Henderson County, TN | Metro: Jackson, TN HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $790 |
| 1 Bedroom | $900 |
| 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)
The ZIP code 38371 presents a modest opportunity for landlords and small-portfolio investors interested in attracting Section 8 tenants. With a population of 1,092, only 15.5% of residents are renters, indicating that this area is predominantly homeowner-dominated rather than renter-heavy. This means that the pool of potential Section 8 tenants is relatively smaller compared to areas with higher percentages of renters.
The median household income in ZIP 38371 is $45,714. The average market rent stands at $767 per month. To put this into perspective, typical rent consumes approximately 20.8% of the local median income. This calculation is derived from dividing the market rent ($767) by the annual median income ($45,714), then multiplying by 12 months to get a monthly comparison figure. This percentage suggests that while rent is affordable for many, it still represents a significant portion of the monthly budget for local households.
Comparing the market rent to the Fair Market Rent (FMR) of $870 for FY 2024, we see that the actual market rent in ZIP 38371 is below the FMR. This indicates that landlords could potentially increase their rents slightly without making them unaffordable for most residents, but they would need to be cautious about pricing above the market rate which could deter tenants.
A landlord in ZIP 38371 should expect a tenant profile that includes individuals and families who rely on rental assistance programs such as Section 8. These tenants will likely have a household income around or below the median, and they will be looking for affordable housing options that do not exceed the FMR. Given the lower percentage of renters and the modest size of the population, competition for Section 8 vouchers may be less intense than in larger, more urban areas. However, landlords must still ensure that their properties meet the necessary standards and requirements for Section 8 tenancy to attract and retain these tenants.
To summarize, while ZIP 38371 offers some opportunities for landlords interested in Section 8 tenants, it is not a high-renter area. The local economy and income levels suggest that typical rents consume a notable portion of monthly income, but remain below the FMR threshold, allowing some flexibility in pricing. Landlords should prepare for a tenant base that values affordability and seeks stable housing solutions.
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.