FMR is near market; voucher and private rents are aligned.
1.06
0.700.800.901.001.101.201.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
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Tax rate
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Mortgage rate
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ZIP 38303 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 38303 (Jackson, TN) is $1,410 a month. That is up 9.3% from $1,290 in FY 2026. Jackson is in the Jackson, TN HUD Metro FMR Area. HUD also publishes the ZIP-level Small Area FMRs shown here, but unless the local housing authority has adopted them, vouchers are based on the metro-wide two-bedroom FMR of $1,375. Among 16 ZIP codes in Madison County, 38303 is tied for the 4th-highest two-bedroom rent (county range $1,140–$1,500). The median county two-bedroom FMR in Tennessee is $1,048, so ZIP 38303 is 35% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 38303
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$890
$980
+10.1%
$882–$1,078
1BR
$980
$1,080
+10.2%
$972–$1,188
2BR
$1,290
$1,410
+9.3%
$1,269–$1,551
3BR
$1,720
$1,770
+2.9%
$1,593–$1,947
4BR
$1,800
$1,950
+8.3%
$1,755–$2,145
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 38303
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$980
$1,080
$1,410
$1,770
$1,950
FY 2026
$890
$980
$1,290
$1,720
$1,800
FY 2025
$860
$960
$1,260
$1,700
$1,710
FY 2024
$790
$880
$1,160
$1,590
$1,590
FY 2023
$640
$720
$950
$1,290
$1,290
Two-bedroom rent in nearby Madison County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 38303?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,375, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,238 to $1,513 a month; under the ZIP-level Small Area FMR of $1,410 it would be $1,269 to $1,551. 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 38303 in?
ZIP 38303 is in the Jackson, TN HUD Metro FMR Area. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,375.
How much did fair market rent change in ZIP 38303 for FY 2027?
The two-bedroom FMR rose 9.3%, from $1,290 in FY 2026 to $1,410 in FY 2027. Since FY 2023 it has risen 48.4%.
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