Location: Maury County, TN | Metro: Hickman County, TN HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,210 |
| 1 Bedroom | $1,240 |
| 2 Bedrooms | $1,400 |
| 3 Bedrooms | $1,780 |
| 4 Bedrooms | $2,170 |
| 5 Bedrooms | $2,517 |
| 6 Bedrooms | $2,819 |
| 7 Bedrooms | $3,045 |
| 8 Bedrooms | $3,197 |
U.S. Census Bureau data (2024)
1340 is the Fair Market Rent (FMR) for ZIP code 38487 as of fiscal year 2024, indicating the maximum amount a tenant can pay under Section 8 housing programs. 402,915 represents the median home value in this area, reflecting the typical cost of homeownership. 13.4% is the proportion of renters in the local population, showing that while not a majority, there is still a significant share of the market dedicated to rental properties. 104,458 is the median income figure for the region, which is crucial for understanding the financial capabilities of potential tenants. Despite these figures, data on the average days on market (DOM) and the percentage of homes that have had their prices cut remain unavailable, suggesting either a stable market or a lack of comprehensive reporting.
In ZIP 38487, landlords can expect to receive up to $1340 per month for a single-family home through the Section 8 program. This amount aligns closely with the fair market rent standards set by HUD for the area. Given the median home value of $402,915, it's evident that owning a home in this ZIP code comes at a premium, making rental properties an attractive alternative for many residents. With 13.4% of the population being renters, there is a notable demand for affordable housing options. The median income of $104,458 provides insight into the earning power of the local populace, which landlords should consider when setting rental prices to ensure they are competitive yet realistic.
The absence of specific data on days on market and price-cut share suggests that the real estate market in ZIP 38487 is relatively stable, without significant fluctuations in property values or sales times. This stability can be beneficial for both landlords and small-portfolio investors looking to enter the market, as it reduces the risk of sudden changes in property values or occupancy rates.
Based on the available data, the verdict for Section 8 participation in ZIP 38487 is positive. Landlords can expect steady demand and reasonable rents, with the program providing a reliable source of income. However, they should be prepared for some limitations in rental pricing due to the fixed FMR guidelines.
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.