Location: Wayne County, TN | Metro: Lawrence County, TN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $770 |
| 1 Bedroom | $770 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,210 |
| 4 Bedrooms | $1,350 |
| 5 Bedrooms | $1,566 |
| 6 Bedrooms | $1,754 |
| 7 Bedrooms | $1,894 |
| 8 Bedrooms | $1,989 |
U.S. Census Bureau data (2024)
The ZIP code 38486 presents a unique set of challenges and opportunities for landlords and small-portfolio investors. The median income for households in this area stands at $48,953, which places significant constraints on their ability to afford housing at market rates. Unfortunately, the specific market rate for rental properties in ZIP 38486 is not available, but we can infer that it likely exceeds the median income level, making it difficult for many residents to find affordable housing without assistance.
In contrast, the Federal Market Rent (FMR) standard for voucher payments in the metro area for fiscal year 2026 is set at $940. This figure represents a more realistic price point for renters in ZIP 38486, especially considering that the typical renter household would allocate a substantial portion of their income towards housing costs.
With 30.8% of the 1,301 population being renters, the demand for affordable housing is evident. However, the affordability gap between median income and potential market rates means that landlords may face stiff competition when seeking tenants who can pay higher rents. Voucher holders provide a steady and reliable source of income, ensuring that landlords receive a consistent payment that aligns with the FMR standards.
The takeaway for landlords is clear: focusing on accepting vouchers can be a strategic advantage in ZIP 38486. Given the median income and the likely high market rates, landlords should consider the benefits of having tenants who can pay $940 per month as guaranteed by the voucher program. This approach ensures occupancy and reduces the risk of vacancies due to the inability of cash-paying tenants to meet higher rental demands. By embracing voucher tenants, landlords can effectively compete in a market where affordability is a critical issue.
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.