Section 8 Fair Market Rent (FMR) for ZIP 37037 - 2027
Location: Coffee County, TN | Metro: Nashville-Davidson--Murfreesboro--Franklin, TN HUD Metro FMR Area
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $2,000 |
| 1 Bedroom | $2,080 |
| 2 Bedrooms | $2,270 |
| 3 Bedrooms | $2,910 |
| 4 Bedrooms | $3,530 |
| 5 Bedrooms | $4,095 |
| 6 Bedrooms | $4,586 |
| 7 Bedrooms | $4,953 |
| 8 Bedrooms | $5,201 |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$102,645
Housing Authorities Serving ZIP 37037
A skeptical investor considering ZIP 37037 might raise several concerns regarding the feasibility of investing in this area. Here are some key objections and the data to address them:
- Objection: Will Fair Market Rent (FMR) of $1920 cover the mortgage on a $409,400 home? The FMR of $1920 for ZIP 37037 may not fully cover the mortgage payments on a $409,400 home. According to recent data, mortgage rates vary widely but are often around 5%. A mortgage payment on a $409,400 home at a 5% interest rate over 30 years would be approximately $2,100 per month, which exceeds the FMR. However, this calculation does not account for potential tax benefits and other financial incentives that could offset the cost.
- Objection: Is there enough renter demand at 12.6%? With only 12.6% of the housing units being rented, it might seem that there is insufficient demand for rental properties in ZIP 37037. This low percentage suggests that many residents own their homes or have mortgages. However, the presence of 61 homes for sale indicates a certain level of turnover and potential rental opportunities. Landlords should consider the local economy and job market to gauge future demand.
- Objection: Will vouchers keep pace with $2,058 market rents? The Fair Market Rent (FMR) of $1920 for ZIP 37037 is lower than the market rent of $2,058. This discrepancy means that vouchers might not fully cover the market rent. Investors relying on voucher recipients need to ensure they can manage the gap between FMR and market rent or consider adjusting their rental strategy to cater to non-voucher tenants.
The data available does not provide a complete picture of the economic conditions and tenant behavior in ZIP 37037. Therefore, it is essential to conduct further research into local employment trends, tenant preferences, and the overall economic health of the area before making investment decisions.
Data Sources: FMR data from HUD (2027). 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.