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 | $1,410 |
| 1 Bedroom | $1,470 |
| 2 Bedrooms | $1,600 |
| 3 Bedrooms | $2,050 |
| 4 Bedrooms | $2,490 |
| 5 Bedrooms | $2,888 |
| 6 Bedrooms | $3,235 |
| 7 Bedrooms | $3,494 |
| 8 Bedrooms | $3,669 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $2,050 | $458,818 | 0.45% | F |
U.S. Census Bureau data (2024)
The ZIP code 37085 is primarily a homeowner-dominated area rather than a renter-heavy zone. With only 5.7% of the population being renters, it's clear that the majority of residents own their homes. The total population of 5,853 suggests a relatively small community where rental properties are not in high demand.
The median household income in this ZIP code is $119,405, which is significantly higher than the average market rent of $978. To put this into perspective, the typical rent eats up approximately 10% of the local income. This indicates that most residents can comfortably afford rent without needing assistance.
Comparing the market rent to the Fair Market Rent (FMR) of $1450, which is set for FY 2024, it becomes evident that the actual rents are lower than what the government considers fair. This could mean that landlords in this area might have some flexibility to increase rents slightly without deterring potential tenants.
In terms of Section 8 vouchers, the scarcity in this area is due to the low percentage of renters and the relatively high income levels. Landlords should not expect a large influx of tenants relying on vouchers. Instead, they should anticipate a tenant pool that consists mainly of individuals and families who can pay rent out-of-pocket, with a few exceptions who may qualify for smaller housing assistance programs.
The typical tenant in ZIP 37085 will likely be employed and have an income close to or above the median household income. They would be seeking a quality living environment that aligns with the higher standards of living indicated by the income data. Therefore, landlords must ensure their properties meet these expectations to attract and retain tenants.
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.