Location: Nashville-Davidson--Murfreesboro--Franklin, TN | Metro: Nashville-Davidson--Murfreesboro--Franklin, TN HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,530 |
| 1 Bedroom | $1,590 |
| 2 Bedrooms | $1,730 |
| 3 Bedrooms | $2,220 |
| 4 Bedrooms | $2,690 |
| 5 Bedrooms | $3,120 |
| 6 Bedrooms | $3,494 |
| 7 Bedrooms | $3,774 |
| 8 Bedrooms | $3,963 |
The ZIP code 37089 is located in La Vergne, Tennessee. The neighborhood is characterized by a median household income of $53,311, indicating a middle-class area. However, specific data on the total population and percentage of renters is not readily available. The median home value stands at $130,400, suggesting that homeownership is accessible to many residents.
Moving into the realm of rental economics, the Fair Market Rent (FMR) for ZIP 37089 in fiscal year 2024 is set at $1,560. This figure is crucial for landlords and investors as it represents the benchmark for rent levels under the Section 8 program. Without specific market rent data, it's important to note that the FMR can serve as a reliable indicator of the rental rates in the area.
Given the characteristics of ZIP 37089, it is suitable for both hands-off voucher operators and hands-on value-add buyers. For hands-off operators, the established FMR provides a stable and predictable income stream through the Section 8 program. Meanwhile, hands-on investors might find opportunities to add value by improving properties in the area, given the accessibility of homeownership and the potential for rental rates to exceed the FMR.
To conclude, ZIP 37089 presents a balanced opportunity for Section 8 investors. The neighborhood's middle-class status, coupled with the clear guidelines provided by the FMR, makes it an attractive location for those seeking a steady investment. At the same time, the potential for value addition in properties offers a path for more active investors looking to enhance their returns.
Data Sources: FMR data from HUD (2027).
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.