FY2027 Small Area FMR · Cookeville, TN

ZIP 38503 Fair Market Rent & Payment Standards

HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 38503 (Cookeville, TN) is $1,100 a month, up 8.9% from FY2026. That is 0% equal to the Putnam County, TN area-wide FMR of $1,102.

2-bedroom SAFMR$1,100per month ▲ 8.9%

Area-wide 2 BR FMR$1,102Putnam County, TN

Rank in the area4thof 13 ZIP codes

Payment standard range, 2 bedrooms

90% of SAFMR$990

2 BR Small Area FMR$1,100

110% of SAFMR$1,210

Housing agencies may set voucher payment standards anywhere from 90% to 110% of the FMR without asking HUD.

Studio$800▲ 6.7%

1 BR$890▲ 9.9%

2 BR$1,100▲ 8.9%

3 BR$1,500▲ 7.1%

4 BR$1,560▲ 0.6%

FY2027 FY2026

Where 38503 sits in the Putnam County, TN area

Of the 13 ZIP codes HUD lists for the area, 38503 has the 4th highest two-bedroom Small Area FMR. Putnam County, TN is not on HUD's list of mandatory Small Area FMR areas, so voucher payment standards here are normally based on the area-wide FMR of $1,102 for two bedrooms; an agency that opts in to Small Area FMRs would use $1,100 for this ZIP code instead.

All unit sizes

Monthly gross rent including utilities
Unit	FY2027 SAFMR	Payment standard range	Area-wide FMR	FY2026 SAFMR
Studio	$800	$720 – $880	$799	$750
1 bedroom	$890	$801 – $979	$887	$810
2 bedrooms	$1,100	$990 – $1,210	$1,102	$1,010
3 bedrooms	$1,500	$1,350 – $1,650	$1,502	$1,400
4 bedrooms	$1,560	$1,404 – $1,716	$1,564	$1,550

A household renting a two-bedroom home at the Small Area FMR of $1,100 needs about $44,000 a year to keep housing costs at 30% of income. The area median family income is $89,500 and the 80% low-income limit for four people is $70,100. ZIP code 38503 lies mainly in Putnam County. See the Putnam County, TN county page for the full income limits table and the household check.

Nearby ZIP codes

ZIP	Place	Distance	2 BR SAFMR
38505	Cookeville	0.9 mi	$1,120
38506	Cookeville	4.1 mi	$1,250
38501	Cookeville	4.7 mi	$1,120
38544	Baxter	9.4 mi	$1,100
38545	Bloomington Springs	10.2 mi	$1,030
38580	Rickman	14.3 mi	$1,040

Questions

What is the Fair Market Rent for ZIP code 38503?

HUD's FY2027 Small Area Fair Market Rents for 38503 are $800 (studio), $890 (1 BR), $1,100 (2 BR), $1,500 (3 BR) and $1,560 (4 BR) a month.

What is the Section 8 payment standard in 38503?

Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 38503 that range is $990 to $1,210 if the agency uses Small Area FMRs. Ask your housing agency for its actual payment standard.

Which income limits apply in 38503?

The FY2026 income limits of the Putnam County, TN area apply: median family income $89,500, low-income (80%) limit $70,100 for a family of four.