Location: Henderson County, TN | Metro: Carroll County, TN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $760 |
| 1 Bedroom | $910 |
| 2 Bedrooms | $1,000 |
| 3 Bedrooms | $1,250 |
| 4 Bedrooms | $1,360 |
| 5 Bedrooms | $1,578 |
| 6 Bedrooms | $1,767 |
| 7 Bedrooms | $1,908 |
| 8 Bedrooms | $2,003 |
U.S. Census Bureau data (2024)
The ZIP code 38388 presents an interesting mix for landlords and small-portfolio investors considering Section 8 tenants. With a population of 1,625, only 12.6% are renters, indicating that this area is predominantly homeowner-dominated rather than a renter-heavy zone. This characteristic suggests that the demand for rental properties using Section 8 vouchers might be relatively lower compared to areas with higher percentages of renters.
The median household income in ZIP 38388 stands at $59,519. The typical market rent of $541 represents about 9.1% of the median income when calculated on a monthly basis. This percentage indicates that the rent is reasonably affordable for the majority of the local population, aligning well with the income levels and suggesting that tenants can manage their living expenses without significant financial strain.
Comparing the market rent to the Fair Market Rent (FMR) set by HUD, which is $930 for the fiscal year 2026 in the metropolitan area, it's evident that the actual rent in ZIP 38388 is considerably below the FMR. This discrepancy means that landlords could potentially receive higher subsidies for their properties if they participate in the Section 8 program, making it financially viable even in a less renter-dense environment.
In terms of the expected tenant profile, landlords in ZIP 38388 should anticipate working with tenants who have a strong need for housing assistance due to lower incomes. These tenants will likely benefit from the Section 8 voucher program, which helps them cover a significant portion of their rent. Given the lower market rent relative to both the median income and the FMR, these tenants will find the cost of living in this ZIP code more manageable, allowing them to focus on other aspects of their lives while still having stable housing.
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.