Location: Nashville-Davidson--Murfreesboro--Franklin, TN | Metro: Nashville-Davidson--Murfreesboro--Franklin, TN HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,110 |
| 1 Bedroom | $1,160 |
| 2 Bedrooms | $1,260 |
| 3 Bedrooms | $1,620 |
| 4 Bedrooms | $1,960 |
| 5 Bedrooms | $2,274 |
| 6 Bedrooms | $2,547 |
| 7 Bedrooms | $2,751 |
| 8 Bedrooms | $2,889 |
U.S. Census Bureau data (2024)
The ZIP code 37118 stands out due to its unique demographic and economic characteristics. With a population of 1,094 residents, only 13.0% rent their homes, indicating a primarily owner-occupied area. The median income for this ZIP is $74,592, which is above the national average, suggesting a relatively affluent community. The median home value is also high at $625,172, reflecting the area's desirability and strong real estate market.
Despite these favorable conditions, the rental market remains small. The Fair Market Rent (FMR) for the area, set at $1270 for ZIP code 37118 in fiscal year 2024, is a key figure for landlords and small-portfolio investors involved with Section 8 vouchers. However, the lack of available market rent data makes it challenging to assess the direct impact of Section 8 on the local rental market. This could imply that the demand for rental properties is low, or that the number of units participating in the Section 8 program is insufficient to influence overall market rents significantly.
The data signature for ZIP code 37118 reads as stable. The high median home value and above-average median income suggest a consistent financial environment where property values are likely to remain steady or even appreciate over time. The limited rental market, combined with the absence of recent market rent data, indicates that the area is not undergoing significant transitions related to housing affordability or rental dynamics. Landlords and investors should consider the potential for a niche market in rentals, focusing on properties that meet the needs of those few seeking rental accommodations, particularly those who might benefit from Section 8 assistance.
Data Sources: FMR data from HUD (2027). 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.