Key Economic Benchmarks
Median Household Income
$88,456$7,371 per month · U.S. Census Bureau ACS 5-YearFair market rent & 30% rule in Fayette County, TN
Official HUD Fair Market Rents evaluated against local household income benchmarks.
2026 HUD Fair Market Rent Schedule: Fayette County, TN
Official FY2026 HUD Fair Market Rents for Memphis, TN-MS-AR HUD Metro FMR Area. Under the federal 30% housing affordability standard, housing costs are sustainable when they consume 30% or less of gross household income.
| Unit Size | Monthly Rent | Annual Rent | 30% Rule Min. Income | % of Median Income |
|---|---|---|---|---|
| Studio / Efficiency | $1,060 | $12,720 | $42,400 | 14.4% |
| 1-Bedroom Apartment | $1,154 | $13,848 | $46,160 | 15.7% |
| 2-Bedroom ApartmentBenchmark | $1,274 | $15,288 | $50,960 | 17.3% |
| 3-Bedroom Home | $1,683 | $20,196 | $67,320 | 22.8% |
| 4-Bedroom Home | $1,959 | $23,508 | $78,360 | 26.6% |
50/30/20 Living Budget in Fayette County, TN
Based on the local median household income of $88,456/year ($7,371/month), here is how a balanced budget allocates expenses:
Take-Home Pay & Tax Explorer in Tennessee
Explore net income after federal income tax, FICA, and Tennessee state income tax based on the local median baseline.
Related Regional & Financial Profiles
Compare earnings and living costs across Tennessee with official federal datasets:
Frequently Asked Questions About Living in Fayette County, TN
What is the median household income in Fayette County, TN?
According to the latest U.S. Census Bureau ACS 5-Year survey, the median household income in Fayette County, TN is $88,456 per year (approximately $7,371 per month).
What is the average rent in Fayette County, TN?
According to HUD Fair Market Rent (FMR) benchmarks for 2026, standard monthly rents in Fayette County, TN are $1,060 for a studio, $1,154 for 1 bedroom, $1,274 for 2 bedrooms, $1,683 for 3 bedrooms, and $1,959 for 4 bedrooms.
How does the cost of living in Fayette County, TN compare to the national average?
Based on the Bureau of Economic Analysis (BEA) Regional Price Parity index, the general price level in Fayette County, TN is 92.2 (7.8% lower than the U.S. national baseline of 100.0).
How much do you need to earn to comfortably afford rent in Fayette County, TN?
Under the standard 30% housing affordability standard, renting a median 2-bedroom home ($1,274/month) in Fayette County, TN requires a minimum gross household income of $50,960 per year ($4,247 per month).
What is a balanced 50/30/20 monthly budget in Fayette County, TN?
For a typical household earning the median income of $88,456/year ($7,371/month) in Fayette County, TN, a balanced 50/30/20 budget allocates $3,686/month to essential needs (rent, utilities, groceries), $2,211/month to discretionary spending, and $1,474/month to savings and debt repayment.
What are typical electricity and utility costs in Fayette County, TN?
Residential electricity rates in Tennessee average 14.1¢ per kWh according to the U.S. Energy Information Administration (EIA). For an average home using 900 kWh per month, the estimated electric bill is approximately $127 per month.