Location: Gibson County, TN | Metro: Gibson County, TN HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $760 |
| 1 Bedroom | $860 |
| 2 Bedrooms | $1,040 |
| 3 Bedrooms | $1,390 |
| 4 Bedrooms | $1,470 |
| 5 Bedrooms | $1,705 |
| 6 Bedrooms | $1,910 |
| 7 Bedrooms | $2,063 |
| 8 Bedrooms | $2,166 |
U.S. Census Bureau data (2024)
5.0% of the population in ZIP code 38389 are renters, indicating a moderate demand for rental properties. $860 is the Fair Market Rent (FMR) for the area as of fiscal year 2024, which represents the maximum amount a landlord can charge for a Section 8 voucher. Despite the lack of specific data on market rent and median home values, the median income of $70,625 provides insight into the economic status of residents, suggesting that rental properties priced near the FMR would be affordable for many tenants. The absence of data on days on market (DOM) and the percentage of price-cut share implies stability in the local real estate market, without significant fluctuations in property prices or prolonged periods of unsold listings. This stability, combined with the known FMR and median income, supports the viability of rental investments in this area. For landlords and small-portfolio investors, the current FMR of $860 aligns well with the economic conditions, ensuring that rental properties can attract tenants while providing a reasonable return on investment. The moderate renter share of 5.0% also suggests that there is room for growth in the rental market, potentially allowing for increased occupancy rates and higher returns. Given the economic indicators and the established FMR, properties in ZIP 38389 are suitable for Section 8 participation.
Section 8 Verdict: Suitable for Section 8 participation.
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.