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 | $1,640 |
| 1 Bedroom | $1,710 |
| 2 Bedrooms | $1,860 |
| 3 Bedrooms | $2,390 |
| 4 Bedrooms | $2,900 |
| 5 Bedrooms | $3,364 |
| 6 Bedrooms | $3,768 |
| 7 Bedrooms | $4,069 |
| 8 Bedrooms | $4,272 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,860 | $244,632 | 0.76% | D |
| 3BR | $2,390 | $332,056 | 0.72% | D |
| 4BR | $2,900 | $384,162 | 0.75% | D |
| 5BR | $3,364 | $425,594 | 0.79% | D |
U.S. Census Bureau data (2024)
ZIP code 37217, located in Nashville, TN, falls within the larger Nashville-Davidson--Murfreesboro--Franklin, TN HUD Metro FMR Area. The Fair Market Rent (FMR) for ZIP 37217 is set at $1570 for fiscal year 2024, which is notably higher than the median market rent of $1,383 reported for the area. This suggests that the rental market in 37217 is slightly above average compared to other ZIP codes within the same metro area.
The median home value in 37217 stands at $325,247, which is also above the typical range for the Nashville-Davidson--Murfreesboro--Franklin metro area. This indicates that 37217 is likely a premium sub-market, characterized by higher property values and rents. However, the renter share in 37217 is quite high at 58.6%, significantly exceeding the average for the region. High renter share combined with below-average home values typically signals a favorable environment for Section 8 properties, but in this case, the home values are above average, which might suggest a different dynamic.
The divergence between the high FMR and market rent, along with the elevated renter share, points towards a potential concentration of affordable housing options that cater to renters, including those utilizing Section 8 vouchers. Landlords and small-portfolio investors should consider these factors when evaluating investment opportunities in 37217. The higher-than-average FMR could mean greater potential for rental income, while the high renter share ensures a steady demand for rental units. However, the above-average home values indicate a more upscale residential environment, which could affect the types of properties that are most suitable for Section 8 tenants.
In summary, ZIP 37217 presents itself as a premium sub-market within the Nashville-Davidson--Murfreesboro--Franklin, TN HUD Metro FMR Area, with higher FMR and home values. Its significant renter share makes it an attractive location for Section 8 investments, though the exact nature of the market requires further investigation into the specific types of properties and their affordability.
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.