Location: Lewis County, TN | Metro: Hickman County, TN HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,020 |
| 1 Bedroom | $1,030 |
| 2 Bedrooms | $1,220 |
| 3 Bedrooms | $1,540 |
| 4 Bedrooms | $1,730 |
| 5 Bedrooms | $2,007 |
| 6 Bedrooms | $2,248 |
| 7 Bedrooms | $2,428 |
| 8 Bedrooms | $2,549 |
U.S. Census Bureau data (2024)
The ZIP code 38461, located within the Lewis County, TN metro area, presents a unique profile when compared to typical ZIP codes in the region. The Fair Market Rent (FMR) for 38461 is set at $1340 for fiscal year 2024, which serves as a benchmark for rental affordability and is indicative of the government's assessment of rental costs suitable for low-income families receiving housing assistance.
However, the market rent for this ZIP code is not available, which means that the actual rents charged might differ from the FMR. This absence of market rent data could imply either that the market rents closely align with the FMR or that there is limited data on private rental rates in the area. The median home value in 38461 is significantly higher at $380,252, suggesting that homeownership is relatively expensive compared to the average in Lewis County, TN.
The renter share in 38461 is 8.9%, which is notably lower than what is typically seen in many urban areas but might be comparable to other rural ZIP codes within the county. Given the lack of market rent data and the high home values, it is reasonable to infer that 38461 is likely a premium sub-market within its metro area. This inference is based on the assumption that areas with high home values tend to attract wealthier residents who can afford higher-priced homes and, consequently, higher rents if they choose to rent.
Despite the high home values, the lower renter share and the presence of a defined FMR suggest that while there may be opportunities for landlords participating in the Section 8 program, the overall market leans towards homeownership rather than renting. Therefore, 38461 does not appear to be a value pocket where the renter share is disproportionately high relative to home values, nor does it seem to be a mid-tier neighborhood. Instead, it represents a premium sub-market within the Lewis County, TN metro area, characterized by high property values and potentially higher rental costs for those who do rent.
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.