Tennessee Congressional District Data Profile TN-01
Key Facts
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19,901 OR 22%
Renter households that are extremely low-income
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-11,654
Shortage of rental homes affordable and available for extremely low-income renters
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$23,648
30% of area median income
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$44,582
Annual household income needed to afford a two-bedroom rental home at HUD's Fair Market Rent (FMR)
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$1,115
is the average Fair Market Rent (FMR) for a two-bedroom rental home in this district. It is $891 for a one-bedroom rental home.
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$591
is the monthly rent a household at 30% of the area median income (AMI) can afford in this district. A household at 50% AMI can afford a monthly rent of $985.
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$3,715
is what a household in this district must earn monthly to afford the average two-bedroom FMR — without paying more than 30% of their income on housing. This translates to an annual income of $44,582. A household must earn $2,971 monthly or $35,656 annually to afford a one-bedroom home at FMR.
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$21.43
is the two-bedroom Housing Wage in this district. It is the hourly wage a worker must earn – assuming a 40-hour work week for 52 weeks per year – to afford a two-bedroom rental home. The one-bedroom Housing Wage is $17.14.
Solutions
- Provide significant resources to build and preserve homes affordable to renters with the lowest incomes through investments in public housing and the national Housing Trust Fund
- Encourage states and local communities to reform zoning and land use regulations that prevent housing from being built and push up housing costs
- Bridge the gap between incomes and housing costs by expanding rental assistance so that it is universally available to all eligible households or consider other innovative approaches, such as a fully refundable renters’ tax credit
- Prevent evictions and homelessness by creating permanent tools, such as emergency rental assistance, to help stabilize families in crisis
- Other federal housing resources, including the Low-Income Housing Tax Credit, should be reformed to better address the shortage of rental housing affordable to the lowest-income households.
