Not enough rental comps in this area to determine how FMR aligns with current market rates.
Historical
FY 2023-2027
FMR
FY2027
Property value
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Tax rate
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Mortgage rate
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ZIP 37304 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 37304 (Bakewell, TN) is $1,440 a month. That is down 2.7% from $1,480 in FY 2026. Bakewell is in the Chattanooga, TN-GA MSA, where HUD requires housing authorities to set voucher payment standards by ZIP code using Small Area FMRs. Among 38 ZIP codes in Hamilton County, 37304 is tied for the 12th-highest two-bedroom rent (county range $1,000–$1,820). The median county two-bedroom FMR in Tennessee is $1,048, so ZIP 37304 is 37% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 37304
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,290
$1,270
−1.6%
$1,143–$1,397
1BR
$1,340
$1,320
−1.5%
$1,188–$1,452
2BR
$1,480
$1,440
−2.7%
$1,296–$1,584
3BR
$1,850
$1,780
−3.8%
$1,602–$1,958
4BR
$1,970
$1,890
−4.1%
$1,701–$2,079
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 37304
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,270
$1,320
$1,440
$1,780
$1,890
FY 2026
$1,290
$1,340
$1,480
$1,850
$1,970
FY 2025
$1,310
$1,370
$1,520
$1,910
$2,070
FY 2024
$1,130
$1,150
$1,300
$1,660
$1,880
FY 2023
$960
$970
$1,120
$1,440
$1,700
Two-bedroom rent in nearby Hamilton County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 37304?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,440, that basic range is $1,296 to $1,584 a month. The voucher pays the lower of the payment standard or the gross rent, minus the tenant's share, which is usually about 30% of adjusted monthly income. Confirm the local housing authority's current schedule before underwriting.
Which HUD fair market rent area is ZIP 37304 in?
ZIP 37304 is in the Chattanooga, TN-GA MSA. HUD requires Small Area FMRs in this area, so payment standards are set by ZIP code.
How much did fair market rent change in ZIP 37304 for FY 2027?
The two-bedroom FMR fell 2.7%, from $1,480 in FY 2026 to $1,440 in FY 2027. Since FY 2023 it has risen 28.6%.
When do FY 2027 fair market rents take effect?
HUD's FY 2027 fair market rents took effect on October 1, 2026. When FMRs change, housing authorities generally have up to three months to bring payment standards back within 90% to 110% of the new FMR.
Source: HUD FY 2027 Small Area Fair Market Rents and area FMRs. Payment-standard ranges are 90% to 110% of FMR, HUD's basic range, not a housing authority's published schedule. How payment standards are set