Location: Nashville-Davidson--Murfreesboro--Franklin, 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 | $2,260 |
| 1 Bedroom | $2,350 |
| 2 Bedrooms | $2,560 |
| 3 Bedrooms | $3,290 |
| 4 Bedrooms | $3,990 |
| 5 Bedrooms | $4,628 |
| 6 Bedrooms | $5,183 |
| 7 Bedrooms | $5,598 |
| 8 Bedrooms | $5,878 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,560 | $454,714 | 0.56% | F |
| 3BR | $3,290 | $700,098 | 0.47% | F |
| 4BR | $3,990 | $1,141,554 | 0.35% | F |
| 5BR | $4,628 | $2,035,933 | 0.23% | F |
U.S. Census Bureau data (2024)
The market analysis for ZIP code 37069, located in Franklin, TN, within Williamson County and part of the Nashville-Davidson--Murfreesboro--Franklin, TN HUD Metro FMR Area, reveals several key points for Section 8 investors. The HUD Fair Market Rent (FMR) for the area stands at $2430 for fiscal year 2024. This figure is below the current market rent, which is measured at $2,607 according to ZORI (Zillow Observed Rent Index).
Voucher tenants in this region will generally experience marginal cash flow at the HUD FMR. To achieve positive cash flow, landlords should consider premium units that can command higher rents while still being within the voucher limits. This means focusing on properties that offer additional amenities or are in highly desirable locations.
The median home value in ZIP 37069 is $1,033,235. Using this figure, we can calculate the rent-to-price ratio, which comes out to approximately 0.25%. This ratio suggests that rental income is relatively low compared to property values, indicating that appreciation rather than rental income might be the stronger investment angle in this area.
The rental market's dynamics are also worth noting. The median Days on Market (DOM) is 25 days, and the percentage of listings that required a price cut is only 0.3%. These statistics indicate a robust rental market where demand is high and competition among renters is fierce, leading to quick leasing times and minimal need for price adjustments.
In summary, for Section 8 investors looking at ZIP 37069, the primary focus should be on appreciation given the high median home values and the relatively low rent-to-price ratio. This area offers strong stability and quick turnover for rentals, making it an attractive option for those seeking long-term growth in their real estate investments.
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.