Location: Perry County, TN | Metro: Hickman County, 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 | $860 |
| 1 Bedroom | $870 |
| 2 Bedrooms | $1,130 |
| 3 Bedrooms | $1,440 |
| 4 Bedrooms | $1,840 |
| 5 Bedrooms | $2,134 |
| 6 Bedrooms | $2,390 |
| 7 Bedrooms | $2,581 |
| 8 Bedrooms | $2,710 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,130 | $207,539 | 0.54% | F |
| 3BR | $1,440 | $289,105 | 0.5% | F |
| 4BR | $1,840 | $383,454 | 0.48% | F |
U.S. Census Bureau data (2024)
The potential risks for a Section 8 landlord in ZIP code 37033 in Centerville, TN, are significant and must be carefully considered before investing. Tenant turnover is a critical issue, with the market rent at $946 being notably lower than the Fair Market Rent (FMR) of $1,070 for the fiscal year 2026 in the metropolitan area. This disparity suggests that tenants might move out once they secure higher-paying jobs or better housing options, leading to frequent turnovers.
Vacancy exposure is another concern. The Days on Market (DOM) is listed as N/A, which typically indicates a lack of recent sales data. This absence of information can make it challenging to predict how long a property might remain vacant between tenancies. A prolonged vacancy period can result in lost rental income, which is particularly problematic when relying on government subsidies that may not cover all expenses.
The deferred-maintenance exposure is also considerable. With a typical home value of $246,463 and a median income of $68,284, landlords must be prepared for higher-than-average maintenance costs. Tenants with limited financial resources may not be able to contribute significantly to the upkeep of the property, placing the burden squarely on the landlord. Additionally, properties in this area may require substantial investments to meet the minimum standards set by the Housing Choice Voucher program.
However, these risks are somewhat mitigated by the high renter share of 24.6%. High renter density usually translates into a robust demand for rental properties, including those that accept Section 8 vouchers. This strong demand can help ensure a steady stream of qualified tenants, reducing the likelihood of extended vacancies.
In conclusion, the investment risk for a first-time Section 8 landlord in ZIP code 37033 in Centerville, TN, is moderate.
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.