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 38392 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 38392 (Mercer, TN) is $1,170 a month. That is up 10.4% from $1,060 in FY 2026. Mercer 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, 38392 is tied for the 10th-highest two-bedroom rent (county range $1,140–$1,500). The median county two-bedroom FMR in Tennessee is $1,048, so ZIP 38392 is 12% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 38392
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$770
$860
+11.7%
$774–$946
1BR
$810
$910
+12.3%
$819–$1,001
2BR
$1,060
$1,170
+10.4%
$1,053–$1,287
3BR
$1,440
$1,540
+6.9%
$1,386–$1,694
4BR
$1,540
$1,650
+7.1%
$1,485–$1,815
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 38392
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$860
$910
$1,170
$1,540
$1,650
FY 2026
$770
$810
$1,060
$1,440
$1,540
FY 2025
$720
$800
$1,050
$1,440
$1,440
FY 2024
$790
$880
$1,160
$1,590
$1,590
FY 2023
$510
$590
$770
$1,050
$1,050
Two-bedroom rent in nearby Madison County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 38392?
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 $1,170 it would be $1,053 to $1,287. 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 38392 in?
ZIP 38392 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 38392 for FY 2027?
The two-bedroom FMR rose 10.4%, from $1,060 in FY 2026 to $1,170 in FY 2027. Since FY 2023 it has risen 51.9%.
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