Location: Wayne County, TN | Metro: Hickman County, 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 | $760 |
| 1 Bedroom | $910 |
| 2 Bedrooms | $1,000 |
| 3 Bedrooms | $1,190 |
| 4 Bedrooms | $1,660 |
| 5 Bedrooms | $1,926 |
| 6 Bedrooms | $2,157 |
| 7 Bedrooms | $2,330 |
| 8 Bedrooms | $2,447 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,190 | $206,797 | 0.58% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 37096 in the metro area for fiscal year 2026 is set at $930. This figure represents the maximum amount that a landlord can receive through the Section 8 program for a unit in this area. It is important to note that this is not the amount tenants will pay in rent; rather, it's the payment standard used by the Housing Choice Voucher Program to determine the maximum subsidy they will provide.
In comparison, the average rent for the same area is $732, according to recent Census American Community Survey (ACS) data. This indicates that the FMR is higher than the average rent, which could be beneficial for landlords participating in the Section 8 program. The higher FMR allows landlords to potentially receive more than the typical market rate, making Section 8 rentals a viable option for those looking to enter the rental market in ZIP 37096.
The renter share in ZIP 37096 stands at 26.9%, meaning that nearly one in four residents are renters. This suggests a steady demand for rental properties, including those offered under the Section 8 program. With a significant portion of the population renting, there is likely a strong pool of potential tenants who may qualify for the vouchers.
When considering acquiring a property for a Section 8 rental, the median home value in the area is around $168,791. This figure can help guide your investment decisions. Before committing to a Section 8 rental property, ensure that the property meets all necessary requirements for the program. Specifically, verify that the property passes the Housing Quality Standards (HQS) inspection, which ensures it is safe, decent, and sanitary for habitation. This step is crucial because failing to meet these standards can result in disqualification from the program.
By understanding the FMR and the local average rent, landlords and small-portfolio investors can make informed decisions about whether a Section 8 rental in ZIP 37096 aligns with their financial goals and expectations. Given the above figures, it appears that the Section 8 program offers a competitive advantage in terms of income stability and potentially higher returns compared to the local average rent.
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.