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 38365 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 38365 (Pickwick Dam, TN) is $1,220 a month. That is up 31.2% from $930 in FY 2026. Pickwick Dam is in the Hardin County, TN non-metropolitan 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 county-wide two-bedroom FMR of $995. Among 14 ZIP codes in Hardin County, 38365 is tied for the 2nd-highest two-bedroom rent (county range $1,000–$1,260). The median county two-bedroom FMR in Tennessee is $1,048, so ZIP 38365 is 16% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 38365
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$700
$930
+32.9%
$837–$1,023
1BR
$710
$940
+32.4%
$846–$1,034
2BR
$930
$1,220
+31.2%
$1,098–$1,342
3BR
$1,230
$1,540
+25.2%
$1,386–$1,694
4BR
$1,230
$1,610
+30.9%
$1,449–$1,771
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 38365
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$930
$940
$1,220
$1,540
$1,610
FY 2026
$700
$710
$930
$1,230
$1,230
FY 2025
$680
$690
$900
$1,190
$1,190
FY 2024area FMR
$651
$655
$861
$1,142
$1,147
FY 2023area FMR
$564
$567
$747
$1,000
$1,003
Marked years use a different HUD benchmark than FY 2027, so they are not a like-for-like change.
Two-bedroom rent in nearby Hardin County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 38365?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the county-wide two-bedroom FMR of $995, which applies unless the housing authority uses Small Area FMRs, that basic range is $896 to $1,095 a month; under the ZIP-level Small Area FMR of $1,220 it would be $1,098 to $1,342. 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 38365 in?
ZIP 38365 is in the Hardin County, TN non-metropolitan FMR area. Small Area FMRs are optional here; the county-wide two-bedroom FMR is $995.
How much did fair market rent change in ZIP 38365 for FY 2027?
The two-bedroom FMR rose 31.2%, from $930 in FY 2026 to $1,220 in FY 2027. Since FY 2025 it has risen 35.6%.
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