FMR is near market; voucher and private rents are aligned.
0.94
1 BR
1 BR
1.05ratio
FMR$890
Market$850
vs market+$40
FMR is near market; voucher and private rents are aligned.
1.05
2 BR
2 BR
0.92ratio
FMR$1,100
Market$1,200
vs market-$100
FMR is near market; voucher and private rents are aligned.
0.92
3 BR
3 BR
0.88ratio
FMR$1,500
Market$1,710
vs market-$210
FMR is below market; voucher rent may lag private rents.
0.88
4 BR
4 BR
0.84ratio
FMR$1,560
Market$1,860
vs market-$300
FMR is below market; voucher rent may lag private rents.
0.84
0.700.800.901.001.101.201.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
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ZIP 38502 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 38502 (Cookeville, TN) is $1,100 a month. That is up 8.9% from $1,010 in FY 2026. Cookeville is in the Putnam 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 $1,102. Among 12 ZIP codes in Putnam County, 38502 is tied for the 4th-highest two-bedroom rent (county range $1,000–$1,250). The median county two-bedroom FMR in Tennessee is $1,048, so ZIP 38502 is 5% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 38502
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$750
$800
+6.7%
$720–$880
1BR
$810
$890
+9.9%
$801–$979
2BR
$1,010
$1,100
+8.9%
$990–$1,210
3BR
$1,400
$1,500
+7.1%
$1,350–$1,650
4BR
$1,550
$1,560
+0.6%
$1,404–$1,716
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 38502
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$800
$890
$1,100
$1,500
$1,560
FY 2026
$750
$810
$1,010
$1,400
$1,550
FY 2025
$780
$810
$1,030
$1,410
$1,620
FY 2024area FMR
$760
$764
$991
$1,368
$1,578
FY 2023area FMR
$637
$641
$844
$1,154
$1,321
Marked years use a different HUD benchmark than FY 2027, so they are not a like-for-like change.
Two-bedroom rent in nearby Putnam County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 38502?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the county-wide two-bedroom FMR of $1,102, which applies unless the housing authority uses Small Area FMRs, that basic range is $992 to $1,212 a month; under the ZIP-level Small Area FMR of $1,100 it would be $990 to $1,210. 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 38502 in?
ZIP 38502 is in the Putnam County, TN non-metropolitan FMR area. Small Area FMRs are optional here; the county-wide two-bedroom FMR is $1,102.
How much did fair market rent change in ZIP 38502 for FY 2027?
The two-bedroom FMR rose 8.9%, from $1,010 in FY 2026 to $1,100 in FY 2027. Since FY 2025 it has risen 6.8%.
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