Location: Marshall 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 | $1,420 |
| 1 Bedroom | $1,510 |
| 2 Bedrooms | $1,640 |
| 3 Bedrooms | $2,130 |
| 4 Bedrooms | $2,580 |
| 5 Bedrooms | $2,993 |
| 6 Bedrooms | $3,352 |
| 7 Bedrooms | $3,620 |
| 8 Bedrooms | $3,801 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $2,130 | $471,664 | 0.45% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 37060 in fiscal year 2024 is set at $1,600. This figure represents the payment standard for Section 8 housing assistance, meaning that if you participate in the program, the government will pay up to $1,600 per month for a rental unit in this area. However, it's important to note that this is not necessarily the amount your tenant will pay; it's the maximum reimbursement rate.
In comparison, the average rent for the area based on Census ACS data is $1,348. This suggests that the FMR is higher than the typical market rent, which could be beneficial for landlords looking to cover costs and potentially make a profit through the Section 8 program.
The 10.5% renter share indicates that a significant portion of the population in ZIP 37060 relies on renting as their primary form of housing. This can translate into a steady demand for rental properties, including those participating in the Section 8 program. With an estimated acquisition cost of around $538,029 for a property in this ZIP code, the FMR provides a benchmark to ensure that your investment is financially viable.
Before committing to a Section 8 rental, verify that your property meets the Housing Quality Standards (HQS). These standards ensure that the rental unit is safe, decent, and sanitary, and must be met for the property to qualify for the program. This verification is crucial because it directly impacts whether you can receive the full payment standard of $1,600 per month.
In summary, the FMR of $1,600 is a key factor in determining the financial viability of a Section 8 rental in ZIP 37060. It exceeds the local average rent of $1,348, aligning well with the 10.5% renter share. Ensure your property complies with HQS to maximize your benefits under the program.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.