Section 8 Fair Market Rent (FMR) for ZIP 38504 - 2027

Location: Scott County, TN | Metro: Fentress County, TN

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$780
1 Bedroom	$800
2 Bedrooms	$1,030
3 Bedrooms	$1,260
4 Bedrooms	$1,490
5 Bedrooms	$1,728
6 Bedrooms	$1,935
7 Bedrooms	$2,090
8 Bedrooms	$2,195

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

689

Median Household Income

$43,542

Housing Units

537

Renter Percentage

N/A

Occupancy Rate

52.7%

Renter Occupied

ZIP code 38504, located in Madison, Tennessee, offers a unique market environment characterized by low rental property demand and a robust homeownership culture. The area's median family income provides insight into the economic landscape, influencing both rental and housing markets.

The Fair Market Rent (FMR) for a two-bedroom apartment in the metro area for fiscal year 2026 is set at $950.
Market rent data for ZIP 38504 is currently unavailable, indicating a lack of significant rental activity in the region.
The median home value in ZIP 38504 stands at $282,001, reflecting a stable housing market.
Rental share of the population is at 0.0%, suggesting that most residents prefer owning their homes over renting.
The days on market (DOM) data is also unavailable, which might imply a brisk pace of home sales without much need for extended listing periods.
The median income for families in ZIP 38504 is $43,542, providing a baseline for the financial capabilities of the local residents.

Analyzing these points, it becomes evident that ZIP 38504 is primarily a homeowner-driven market with little emphasis on rental properties. Landlords and small-portfolio investors should focus on potential opportunities in home sales rather than rentals, given the strong preference for homeownership and the lack of available rental data. The median home value and income levels suggest a moderate but stable economic environment suitable for cautious investment strategies.

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.