Location: DeKalb County, TN | Metro: Smith County, TN HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $780 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $1,020 |
| 3 Bedrooms | $1,260 |
| 4 Bedrooms | $1,450 |
| 5 Bedrooms | $1,682 |
| 6 Bedrooms | $1,884 |
| 7 Bedrooms | $2,035 |
| 8 Bedrooms | $2,137 |
U.S. Census Bureau data (2024)
The dynamics of ZIP code 38567 reveal a market in motion, influenced by both rental and homeownership factors. The Fair Market Rent (FMR) stands at $930 for the fiscal year 2024, indicating a benchmark for rental affordability. While the exact market rent remains unspecified, the median home value of $314,848 suggests a relatively stable homeownership segment.
The 18.2% renter share is a critical metric that points to ongoing long-term housing pressure. This percentage implies a significant portion of the population prefers or is compelled to rent rather than own, which could be due to various reasons including affordability, lifestyle choice, or uncertainty about long-term residency. High renter shares often correlate with areas experiencing growth or development, where new residents are drawn to the area but may not yet have the means or desire to purchase property.
The lack of specific data on price-cut share and days on market (DOM) makes it challenging to definitively state whether supply outpaces demand or vice versa. However, the median home value can be compared against local income levels to infer potential demand pressures. If incomes are lower relative to the median home value, it could suggest that demand for affordable housing is high, leading to competition among buyers and potentially driving up prices further.
In summary, ZIP 38567 presents a market where rental affordability is crucial, given the established FMR. The median home value indicates a stable homeownership environment, though the high renter share signals an underlying tension between owning and renting, indicative of evolving housing needs and preferences.
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.