Skip to main content
Loading page
Putnam County/Cookeville/38506

38506

ZIPSAFMR
Putnam County, TN
Zillow

ZIP Investment Score

73Below average

095130300
BRFMR
Eff. Rent
0 BR$910$830
1 BR$1,000$870
2 BR$1,250$1,250
3 BR$1,680$1,680
4 BR$1,780$1,830
5 BR$2,047Not available
6 BR$2,354Not available
7 BR$2,707Not available
8 BR$3,113Not available

Purchase Price Calculator

Maximum purchase price
$123,833

Cost breakdown

+Likely effective rent$1,250
HUD FMR$1,250
Market rent$1,250
Est. payment standard (100%)Used$1,250
-Principal and interest-$626
Loan amount$99,066
Down payment$24,767
Rate6.50%
Term30 years
-Operating costs-$424
Property taxes-$124
Insurance-$175
Utilities$0
HOA$0
Management-$125
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$20,271(81.8% ROI)
Projected value
$133,355
Return breakdown
Property appreciation+$9,522
Loan principal paid down+$3,549
Rental cash flow+$7,200
5-year hold
+$34,602(139.7% ROI)
Projected value
$140,106
Return breakdown
Property appreciation+$16,273
Loan principal paid down+$6,329
Rental cash flow+$12,000
10-year hold
+$73,765(297.8% ROI)
Projected value
$158,517
Return breakdown
Property appreciation+$34,684
Loan principal paid down+$15,082
Rental cash flow+$24,000

Public Housing Authority

Loading Public Housing Authority

Rolodex

Loading Rolodex

Market Alignment

Studio
1.10
1 BR
1.15
2 BR
1.00
3 BR
1.00
4 BR
0.96
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 38506 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 38506 (Cookeville, TN) is $1,250 a month. That is up 8.7% from $1,150 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, 38506 has the highest two-bedroom rent (county range $1,000–$1,250). The median county two-bedroom FMR in Tennessee is $1,048, so ZIP 38506 is 19% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 38506
BedroomsFY 2027Change90–110% range
Studio$910+5.8%$819–$1,001
1BR$1,000+8.7%$900–$1,100
2BR$1,250+8.7%$1,125–$1,375
3BR$1,680+7.0%$1,512–$1,848
4BR$1,780+2.9%$1,602–$1,958

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 38506
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$910$1,000$1,250$1,680$1,780
FY 2026$860$920$1,150$1,570$1,730
FY 2025$860$900$1,140$1,520$1,740
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

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 38506
38501$1,120−10.4%
38502$1,100−12.0%
38503$1,100−12.0%
38505$1,120−10.4%
38506Current$1,250—
38544$1,100−12.0%
38545$1,030−17.6%
38548$1,030−17.6%
38564$1,010−19.2%
38574$1,000−20.0%
38582$1,000−20.0%
38583$1,040−16.8%

Questions about ZIP 38506 rents

How much will Section 8 pay for a two-bedroom in ZIP 38506?

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 $1,250 it would be $1,125 to $1,375. 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 38506 in?

ZIP 38506 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 38506 for FY 2027?

The two-bedroom FMR rose 8.7%, from $1,150 in FY 2026 to $1,250 in FY 2027. Since FY 2025 it has risen 9.6%.

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

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