HUD Fair Market Rent · FY 2027 · Effective Oct 1, 2026 to Sep 30, 2027
Fair Market Rent in Smith County, Tennessee (FY 2027)
$1,146 a month. That's HUD's FY 2027 Fair Market Rent for a two-bedroom in Smith County, and it's the baseline every voucher in Smith is measured against.
Two-bedroom FMR
$1,146
+9.0% from FY 2026
Payment standard
$1,031–$1,261
90% to 110% of the FMR, two-bedroom
Income to afford
$45,840
a year, with rent at 30% of income
Rank in Tennessee
34th of 95
by two-bedroom FMR, highest first
FY 2027 Fair Market Rents
Payment standard is the 90% to 110% band a housing authority can set. Income needed puts rent at 30% of gross income, and the hourly wage assumes a 40-hour week.
| Bedrooms | FMR | Payment standard | Income needed | Hourly wage | vs FY 2026 |
|---|---|---|---|---|---|
| Studio | $870 | $783–$957 | $34,800 | $16.73/hr | +9.3% |
| 1 bedroom | $876 | $788–$964 | $35,040 | $16.85/hr | +9.4% |
| 2 bedroom | $1,146 | $1,031–$1,261 | $45,840 | $22.04/hr | +9.0% |
| 3 bedroom | $1,407 | $1,266–$1,548 | $56,280 | $27.06/hr | +2.9% |
| 4 bedroom | $1,506 | $1,355–$1,657 | $60,240 | $28.96/hr | +8.2% |
Five to eight bedrooms (PropMetrics estimates)
HUD stops at four bedrooms. These add 15% of the four-bedroom rent per extra bedroom. It's our estimate, not a HUD number.
| Bedrooms | Estimated FMR | Payment standard |
|---|---|---|
| 5 bedroom Estimate | $1,732 | $1,559–$1,905 |
| 6 bedroom Estimate | $1,958 | $1,762–$2,154 |
| 7 bedroom Estimate | $2,184 | $1,966–$2,402 |
| 8 bedroom Estimate | $2,410 | $2,169–$2,651 |
Source: HUD Office of Policy Development and Research, FY 2027 Fair Market Rents. Rents include utilities. huduser.gov
Market check
HUD's number is one input. What does a two-bedroom in Smith actually rent for?
Search any address in Smith for a rent estimate built from nearby comps, with the HUD figure right next to it.
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What a voucher pays here
The voucher doesn't pay the FMR itself. It pays the payment standard. Housing authorities set it anywhere from 90% to 110% of FMR, which puts a two-bedroom standard in Smith somewhere between $1,031 and $1,261. The tenant pays roughly 30% of their income, the voucher covers the rest up to the standard, and the PHA won't approve a rent above what comparable unassisted units get.
$1,146 a month is affordable, by HUD's 30% rule, on an income of roughly $45,840 a year. Put another way, $22 an hour full time.
Worked example for a two-bedroom renting at the payment standard. The tenant pays 30% of monthly income and the voucher covers the rest.
| Monthly household income | Tenant pays (30%) | Voucher pays at 90%$1,031 | Voucher pays at 100%$1,146 | Voucher pays at 110%$1,261 |
|---|---|---|---|---|
| $2,500 | $750 | $281 | $396 | $511 |
| $4,000 | $1,200 | $0 | $0 | $61 |
Rate history
The two-bedroom rate went up 9% from FY 2026 ($1,051) to FY 2027 ($1,146). Since FY 2020 it's up 65% in total, about 7.4% a year. The Tennessee median moved up 7% over the same year.
| Fiscal year | Studio | 1 BR | 2 BR | 3 BR | 4 BR | 2BR change |
|---|---|---|---|---|---|---|
| FY 2020 | $525 | $528 | $696 | $867 | $1,086 | — |
| FY 2021 | $494 | $546 | $720 | $908 | $1,074 | +3.4% |
| FY 2022 | $486 | $551 | $725 | $920 | $1,043 | +0.7% |
| FY 2023 | $546 | $614 | $808 | $1,051 | $1,121 | +11.4% |
| FY 2024 | $619 | $691 | $908 | $1,209 | $1,214 | +12.4% |
| FY 2025 | $793 | $798 | $1,047 | $1,383 | $1,388 | +15.3% |
| FY 2026 | $796 | $801 | $1,051 | $1,368 | $1,392 | +0.4% |
| FY 2027In effect | $870 | $876 | $1,146 | $1,407 | $1,506 | +9.0% |
About this rate
Fair Market Rent is HUD's estimate of what a modest, decent unit rents for in an area, utilities included. It's set once a year and runs October to September. For FY 2027 that's October 1, 2026 through September 30, 2027. In Smith, that runs from $870 for a studio up to $1,506 for four bedrooms, all five rates in the table above.
Smith is its own HUD metro area (Smith County, TN), so the rate here is set from rents inside the county rather than a wider region.
Among Tennessee's 95 counties, Smith ranks 34th for two-bedroom FMR. That's about 9% above the state median of $1,048 and about 8% above the national median county at $1,063. About 20,389 people live here, 67th in the state.
Rates by ZIP code
Zoom in and the picture changes. HUD's Small Area FMRs put a two-bedroom at $1,000 in 37145 (Pleasant Shade) and $1,310 in 37057 (Dixon Springs), with the 10 ZIP codes in between. Housing authorities in HUD-designated metros use those ZIP rates instead of the county rate. Everywhere else the ZIP numbers show where rents actually sit, and the county rate stays the official standard.
Nearby counties
Two-bedroom FMR, with how each compares to Smith.
DeKalb County
17 mi · 20,959 people
$1,016
-11%
Jackson County
17 mi · 12,029 people
$995
-13%
Trousdale County
17 mi · 11,957 people
$1,798
+57%
Macon County
20 mi · 26,240 people
$995
-13%
Putnam County
22 mi · 82,558 people
$1,102
-4%
Wilson County
22 mi · 158,805 people
$1,798
+57%
Clay County
30 mi · 7,670 people
$995
-13%
Cannon County
31 mi · 14,818 people
$1,798
+57%
Questions people ask
$1,146 a month for FY 2027, which runs October 1, 2026 through September 30, 2027. The other rates are $870 for a studio, $876 for one bedroom, $1,407 for three and $1,506 for four.
Tools for this county
Fair Market Rent lookup
Any ZIP code's Small Area FMR by bedroom count
Section 8 rent calculator
Payment standard and tenant share for a specific rent
What is Fair Market Rent?
How HUD calculates FMR and what it means for landlords
Rent affordability calculator
The income a household needs for a given rent
What does a rental in Smith actually go for?
HUD's number is one input. Search any address in Smith for a rent estimate built from nearby comps. Free to start, no card.
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