Location: Maury County, TN | Metro: Maury County, TN HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,300 |
| 1 Bedroom | $1,330 |
| 2 Bedrooms | $1,470 |
| 3 Bedrooms | $1,870 |
| 4 Bedrooms | $2,270 |
| 5 Bedrooms | $2,633 |
| 6 Bedrooms | $2,949 |
| 7 Bedrooms | $3,185 |
| 8 Bedrooms | $3,344 |
The ZIP code 38402 encompasses a portion of Columbia, Tennessee, a medium-sized community with a total population of 13,402 residents. This area is characterized by an active, family-oriented environment, with a median age of 36.0 years. The community has a working-class earning profile, with a median household income of $43,402. Median home values in the area stand at $186,802, reflecting an affordable housing market.
In terms of rental economics, the Fair Market Rent (FMR) for ZIP code 38402 in fiscal year 2024 is set at $1,340. The median market rent, however, is slightly lower at $1,205. This indicates that the rental market is competitive but still offers opportunities for landlords and investors.
The data suggests that this area is suitable for both hands-off voucher operators and hands-on value-add buyers. With a cost of living index of 59, which is below the national average of 100, the area provides a favorable environment for those seeking to stretch their dollars further. Additionally, the strong employment rate of 95.0% and the average commute time of 26 minutes make it a practical location for residents and investors alike.
The top industries by employment in the area include retail trade, healthcare and social assistance, education, professional services, and manufacturing. This diversified industry base supports a stable economy, making it attractive for both passive and active real estate investment strategies.
In summary, ZIP code 38402 in Columbia, TN, presents a balanced opportunity for Section 8 investors. The area’s demographics and economic indicators support a hands-off approach with a steady stream of tenants benefiting from the voucher program. Simultaneously, the potential exists for hands-on investors to add value through improvements and management, capitalizing on the growing demand for affordable housing.
Data Sources: FMR data from HUD (2027).
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.