Location: Bedford County, TN | Metro: Nashville-Davidson--Murfreesboro--Franklin, TN HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,170 |
| 1 Bedroom | $1,370 |
| 2 Bedrooms | $1,490 |
| 3 Bedrooms | $2,040 |
| 4 Bedrooms | $2,470 |
| 5 Bedrooms | $2,865 |
| 6 Bedrooms | $3,209 |
| 7 Bedrooms | $3,466 |
| 8 Bedrooms | $3,639 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $2,040 | $391,656 | 0.52% | F |
| 4BR | $2,470 | $500,936 | 0.49% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 37020 in fiscal year 2024 is set at $1310. This figure represents the payment standard for Section 8 housing vouchers, which means that voucher holders in this area can receive assistance up to this amount for their rent. It's important to note that the FMR is not the actual rent you will charge; it's the maximum subsidy amount the government will pay.
To put this into context, the average rent in ZIP 37020, according to the Census Bureau's American Community Survey, is $1,151. This suggests that the FMR is slightly higher than the typical market rate, potentially offering a modest profit margin for landlords who participate in the Section 8 program.
The 4.7% renter share indicates that nearly 5% of the population in this ZIP code are renters. This statistic points to a steady demand for rental properties, making it a reasonable choice for those looking to enter the rental market. Additionally, the median home value in this area is approximately $424,758, which reflects the potential cost of acquiring a property for your portfolio.
Before you decide to enroll your property in the Section 8 program, verify that your rental unit meets the Housing Quality Standards (HQS). These standards ensure that the property is safe, decent, and sanitary for tenants. Meeting these criteria is essential because failing to do so could result in your property being ineligible for the program, even if it's located in an area with high demand and favorable FMR rates.
In summary, the FMR of $1310 for ZIP 37020 provides a benchmark for subsidy payments under the Section 8 program, slightly above the local average rent of $1,151. With a 4.7% renter share, there is a solid demand for rentals, and the acquisition cost of around $424,758 offers insight into the investment required. However, ensuring your property meets HQS is a critical step to take before participating in the program.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.