Location: Wayne County, TN | Metro: Hardin County, TN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $790 |
| 1 Bedroom | $790 |
| 2 Bedrooms | $1,040 |
| 3 Bedrooms | $1,260 |
| 4 Bedrooms | $1,390 |
| 5 Bedrooms | $1,612 |
| 6 Bedrooms | $1,805 |
| 7 Bedrooms | $1,949 |
| 8 Bedrooms | $2,046 |
U.S. Census Bureau data (2024)
The analysis of ZIP code 38475 within the Wayne County, TN metro reveals several key points regarding its housing market dynamics compared to typical Wayne County ZIP codes.
Firstly, the Fair Market Rent (FMR) for ZIP 38475 is set at $950 for fiscal year 2026, which serves as a benchmark for rental costs in the area. However, the market rent data is currently unavailable, making it difficult to directly compare the actual market rates against the FMR. This absence of market rent data could indicate that the local rental market is either underdeveloped or less tracked compared to other areas.
The median home value in ZIP 38475 stands at $169,850. While this figure alone doesn't provide a complete picture, it suggests that homeownership is relatively affordable in this region. When considering the 2.1% renter share, it becomes evident that the majority of residents prefer owning homes over renting, which is consistent with the general trend in Wayne County where homeownership is predominant.
To determine if ZIP 38475 represents a value pocket, a mid-tier neighborhood, or a premium sub-market within the Wayne County, TN metro, we must infer based on the available data. Given the lower FMR and median home value, it is reasonable to conclude that 38475 is likely a value pocket within the metro. The relatively low percentage of renters further supports this inference, as it indicates that the area is more attractive for those seeking to purchase homes rather than rent.
A divergence worth noting is the possibility that despite the low renter share, the rental market could still be favorable for landlords due to the affordability of the FMR. In areas where the renter share is typically higher and the home values are lower, such conditions can signal a potential sweet spot for Section 8 investments. However, since the renter share in 38475 is below average, this particular ZIP code does not exhibit the characteristics of a Section 8 sweet spot.
In summary, ZIP 38475 appears to be a value pocket within the Wayne County, TN metro, characterized by affordable housing and a preference for homeownership over renting. Landlords and small-portfolio investors should consider these factors when evaluating investment opportunities in this ZIP code.
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.