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Lewis County/Waynesboro/38485

38485

ZIPSAFMR
Lewis County, TN
Zillow

ZIP Investment Score

85Below average

095130300
BRFMR
Eff. Rent
0 BR$820$820
1 BR$830$830
2 BR$1,080$1,080
3 BR$1,290$1,290
4 BR$1,480$1,480
5 BR$1,702Not available
6 BR$1,957Not available
7 BR$2,251Not available
8 BR$2,589Not available

Purchase Price Calculator

Maximum purchase price
$98,571

Cost breakdown

+Likely effective rent$1,080
HUD FMRUsed$1,080
Market rentN/A
Est. payment standardN/A
-Principal and interest-$498
Loan amount$78,857
Down payment$19,714
Rate6.50%
Term30 years
-Operating costs-$382
Property taxes-$99
Insurance-$175
Utilities$0
HOA$0
Management-$108
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$17,604(89.3% ROI)
Projected value
$106,150
Return breakdown
Property appreciation+$7,579
Loan principal paid down+$2,825
Rental cash flow+$7,200
5-year hold
+$29,991(152.1% ROI)
Projected value
$111,524
Return breakdown
Property appreciation+$12,953
Loan principal paid down+$5,038
Rental cash flow+$12,000
10-year hold
+$63,613(322.7% ROI)
Projected value
$126,179
Return breakdown
Property appreciation+$27,608
Loan principal paid down+$12,005
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

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 38485 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 38485 (Waynesboro, TN) is $1,080 a month. That is up 14.9% from $940 in FY 2026. Waynesboro is in the Lewis 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 7 ZIP codes in Lewis County, 38485 is tied for the 5th-highest two-bedroom rent (county range $1,000–$1,220). The median county two-bedroom FMR in Tennessee is $1,048, so ZIP 38485 is 3% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 38485
BedroomsFY 2027Change90–110% range
Studio$820+15.5%$738–$902
1BR$830+15.3%$747–$913
2BR$1,080+14.9%$972–$1,188
3BR$1,290+14.2%$1,161–$1,419
4BR$1,480+8.8%$1,332–$1,628

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 38485
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$820$830$1,080$1,290$1,480
FY 2026$710$720$940$1,130$1,360
FY 2025$690$690$910$1,100$1,320
FY 2024area FMR$651$655$861$1,091$1,461
FY 2023area FMR$564$567$747$909$1,272

Marked years use a different HUD benchmark than FY 2027, so they are not a like-for-like change.

Two-bedroom rent in nearby Lewis County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 38485
37033$1,130+4.6%
37096$1,000−7.4%
38461$1,220+13.0%
38462$1,0800.0%
38474$1,220+13.0%
38483$1,220+13.0%
38485Current$1,080—

Questions about ZIP 38485 rents

How much will Section 8 pay for a two-bedroom in ZIP 38485?

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 $1,080 it would be $972 to $1,188. 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 38485 in?

ZIP 38485 is in the Lewis 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 38485 for FY 2027?

The two-bedroom FMR rose 14.9%, from $940 in FY 2026 to $1,080 in FY 2027. Since FY 2025 it has risen 18.7%.

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

County fair market rentWaynesboro, TN fair market rentTN statewide rentsWhat is SAFMR?Data sources