Location: Wayne County, TN | Metro: Wayne County, TN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $760 |
| 1 Bedroom | $760 |
| 2 Bedrooms | $1,000 |
| 3 Bedrooms | $1,190 |
| 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 38450 stands out due to its unique demographic and economic characteristics. With a population of 2,611 residents, it has a relatively low rental rate of 21.6%, indicating that most residents own their homes. The median income in this area is $42,887, which is modest but sufficient for many homeowners. However, the median home value of $151,917 suggests that the housing market is affordable, making it an attractive location for both homeowners and renters.
When it comes to voucher economics, the Fair Market Rent (FMR) for ZIP 38450 is set at $930 for fiscal year 2026, while the current market rent, based on Census ACS data, is $608. This indicates that landlords participating in the Section 8 program can expect higher rents compared to the current market rates. The discrepancy between the FMR and the actual market rent provides a significant incentive for landlords to accept vouchers, as they can potentially increase their rental income by over 50%.
The data signature for ZIP 38450 reads as stable. The modest income levels combined with the affordable median home value suggest that the local economy supports a balanced mix of homeowners and renters. The low rental rate implies that there is less pressure on the rental market, which could be beneficial for landlords as it reduces competition. Additionally, the disparity between the FMR and the actual market rent offers a strong financial rationale for accepting Section 8 vouchers, thereby stabilizing the rental income for landlords in this area.
Given these factors, ZIP 38450 presents a favorable environment for landlords who wish to participate in the Section 8 program. The combination of a stable local economy, affordable housing, and higher FMR compared to the market rent ensures that landlords can maintain steady and potentially higher rental incomes without facing significant challenges from a volatile market or high competition.
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.