Location: Wayne County, TN | Metro: Wayne County, TN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $760 |
| 1 Bedroom | $760 |
| 2 Bedrooms | $1,000 |
| 3 Bedrooms | $1,220 |
| 4 Bedrooms | $1,340 |
| 5 Bedrooms | $1,554 |
| 6 Bedrooms | $1,740 |
| 7 Bedrooms | $1,879 |
| 8 Bedrooms | $1,973 |
U.S. Census Bureau data (2024)
The ZIP code 38471 represents a unique residential area with a very low population density, totaling only 319 individuals. This neighborhood stands out due to the absence of renters, as indicated by the 0.0% rental rate. The median household income here is strong at $65,774, reflecting a community that is primarily owner-occupied and financially stable. The median home value in the area is also notable at $212,075, suggesting that homeowners have invested in properties that maintain their worth.
Moving into the economic analysis of rental properties, the Fair Market Rent (FMR) for the metro area covering fiscal year 2026 is set at $930. However, the lack of market rent data points to an almost entirely owner-occupied environment, which means that traditional rental economics do not apply here. The absence of rental activity implies that there is little demand for rental units, making it challenging for landlords to find tenants who qualify for Section 8 vouchers.
Given these conditions, ZIP 38471 would be a poor fit for a hands-off voucher operator. The scarcity of renters and the lack of market rent data suggest that there is minimal opportunity for passive rental income through Section 8 programs. For a hands-on value-add buyer, the situation is equally unattractive, as the potential for transforming properties into profitable rentals is limited by the local housing dynamics and the low incidence of renting.
In conclusion, for both hands-off and hands-on investors, ZIP 38471 presents a challenging environment. The data strongly indicate that this area is not conducive to rental investments, particularly those reliant on government assistance programs like Section 8. Landlords and small-portfolio investors should consider other ZIP codes with higher rental rates and more robust demand for affordable housing.
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.