Section 8 Fair Market Rent (FMR) for ZIP 38425 - 2027

Location: Wayne County, TN | Metro: Hardin County, TN

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$830
1 Bedroom	$840
2 Bedrooms	$1,090
3 Bedrooms	$1,300
4 Bedrooms	$1,500
5 Bedrooms	$1,740
6 Bedrooms	$1,949
7 Bedrooms	$2,105
8 Bedrooms	$2,210

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

3,518

Median Household Income

$51,516

Housing Units

1,150

Renter Percentage

38.6%

Occupancy Rate

68.3%

Renter Occupied

303

ZIP code 38425, located in Tennessee, is part of a region characterized by a mix of residential and commercial properties, offering opportunities for both landlords and small-portfolio investors.

The Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $990, providing a benchmark for rental pricing.
The market rent based on Census ACS data stands at $725, indicating that there is potential for increasing rents without being overly competitive.
The median home value in the area is $173,007, which is relatively affordable for property acquisition.
Renters make up 38.6% of the housing market, suggesting a substantial demand for rental properties.
The median income of residents is $51,516, which can be used to gauge the financial capacity of potential tenants.

The combination of a moderate FMR and lower market rent suggests room for price adjustment, while the median home value indicates a cost-effective entry point for investment. The significant renter share underscores the viability of rental properties, and understanding the median income helps in setting realistic rent rates. Overall, ZIP 38425 presents a balanced opportunity for real estate investment with clear guidelines for pricing and tenant selection.

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.