Location: Marshall County, 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 | $1,040 |
| 1 Bedroom | $1,060 |
| 2 Bedrooms | $1,190 |
| 3 Bedrooms | $1,500 |
| 4 Bedrooms | $1,820 |
| 5 Bedrooms | $2,111 |
| 6 Bedrooms | $2,364 |
| 7 Bedrooms | $2,553 |
| 8 Bedrooms | $2,681 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,500 | $362,131 | 0.41% | F |
U.S. Census Bureau data (2024)
The median income in ZIP code 37180 stands at $96,500, which provides a solid financial foundation for many households. However, when it comes to affording the market rate rent of $790, the situation becomes more nuanced. A household earning the median income would find it relatively manageable to cover this cost, especially considering that the median income is significantly higher than the annualized rent expense.
Comparatively, the voucher payment standard of $1270 (Fair Market Rent, FMR) is notably higher than the current market rate. This means that landlords accepting Section 8 vouchers could potentially receive a higher rent payment than the typical market rate, making voucher tenants an attractive option for securing steady income.
The ZIP code has a relatively low rental occupancy rate of 7.6%, indicating that a smaller portion of the population is renting compared to owning. With a total population of 3,397, this translates to approximately 257 renters. Given the limited number of renters, the competition among landlords for both voucher and cash-paying tenants is likely to be fierce.
The affordability gap between the market rate and the FMR highlights a significant opportunity for landlords who accept vouchers. By doing so, they can tap into a pool of tenants willing to pay a higher rent through government assistance, thereby increasing their revenue potential. For landlords, the decision to accept vouchers versus relying solely on cash-paying tenants should be based on the desire for higher, guaranteed rental income versus the administrative complexities that come with voucher programs.
Takeaway: Landlords in ZIP 37180 have a strategic choice to make. Accepting Section 8 vouchers can provide a higher rent payment of $1270 compared to the market rate of $790. This strategy can help mitigate the risks associated with the low rental occupancy rate and stiff competition for tenants. However, landlords must weigh the benefits of increased income against the administrative requirements of participating in the voucher program.
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.