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 | $1,980 |
| 1 Bedroom | $2,060 |
| 2 Bedrooms | $2,240 |
| 3 Bedrooms | $2,880 |
| 4 Bedrooms | $3,490 |
| 5 Bedrooms | $4,048 |
| 6 Bedrooms | $4,534 |
| 7 Bedrooms | $4,897 |
| 8 Bedrooms | $5,142 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $2,060 | $215,272 | 0.96% | C |
| 2BR | $2,240 | $403,253 | 0.56% | F |
| 3BR | $2,880 | $990,514 | 0.29% | F |
| 4BR | $3,490 | $1,541,197 | 0.23% | F |
| 5BR | $4,048 | $2,473,719 | 0.16% | F |
U.S. Census Bureau data (2024)
The ZIP code 37215 in Nashville, TN, has a population of 22,018 residents, with 24.2% of them being renters. This indicates that while there is a significant portion of the population renting, it is not overwhelmingly dominated by renters. The median household income stands at $155,863, which is notably high compared to national averages.
The market rent in this area is $2,789, representing approximately 17.9% of the median household income. This suggests that rental costs are relatively affordable for the majority of households, even though they may be considered expensive in absolute terms. The Fair Market Rent (FMR) for FY 2024 is set at $2,200, which is lower than the current market rent, indicating that landlords might face some challenges in attracting tenants who rely solely on housing vouchers.
Given the income levels and the cost of living, landlords in ZIP 37215 should anticipate a tenant pool that includes individuals and families who can afford higher rents but may still seek assistance through housing vouchers. These tenants are likely to have stable employment and possibly multiple sources of income, making them reliable candidates for long-term leases.
To summarize, while ZIP 37215 has a substantial number of renters, the high median income and relatively high market rents suggest that it is not an area heavily reliant on housing vouchers. Landlords should prepare for tenants who can contribute a significant portion of their income towards rent but may also require some level of financial aid.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.