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 | $1,500 |
| 1 Bedroom | $1,560 |
| 2 Bedrooms | $1,700 |
| 3 Bedrooms | $2,180 |
| 4 Bedrooms | $2,650 |
| 5 Bedrooms | $3,074 |
| 6 Bedrooms | $3,443 |
| 7 Bedrooms | $3,718 |
| 8 Bedrooms | $3,904 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,700 | $298,239 | 0.57% | F |
| 3BR | $2,180 | $371,194 | 0.59% | F |
| 4BR | $2,650 | $430,449 | 0.62% | D |
U.S. Census Bureau data (2024)
The Section 8 market analysis for ZIP code 37188, located in White House, TN within Robertson County and part of the Nashville-Davidson--Murfreesboro--Franklin, TN HUD Metro FMR Area, reveals several key insights for landlords and small-portfolio investors.
The HUD Fair Market Rent (FMR) for this area is set at $1530 for fiscal year 2024. In contrast, the Zillow Observed Rental Index (ZORI), which reflects the actual market rents, stands at $1764. This indicates that voucher tenants would typically cashflow marginally in this region, as the FMR is below the market rent but not significantly so. Landlords should be prepared to accept a slight reduction in income when renting to voucher holders unless they have premium units that can command higher rents.
The median home value in ZIP 37188 is $387,243. Using this figure, we can calculate a rent-to-price ratio, which is a useful metric for understanding the relative affordability of rental properties compared to their purchase price. The ratio here is approximately 0.45%, calculated by dividing the annual rent ($1764 * 12 months) by the median home value. This suggests that rental income alone may not fully justify the investment in property value, implying a stronger emphasis on long-term appreciation rather than immediate cashflow benefits.
The rental market's dynamics are also worth noting. The median Days on Market (DOM) is 57 days, indicating a relatively quick turnover for rentals. Additionally, the share of listings that require a price cut is only 0.3%, suggesting a stable rental market where landlords are likely to find tenants without needing to reduce their asking rents frequently.
In conclusion, while the cashflow from Section 8 vouchers may be marginal given the current FMR and market rent levels, the stability of the rental market and the potential for long-term appreciation make ZIP 37188 an attractive option for investors seeking a mix of steady income and capital growth opportunities.
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.