Section 8 Fair Market Rent (FMR) for ZIP 37220 - 2027

Location: Nashville-Davidson--Murfreesboro--Franklin, TN | Metro: Nashville-Davidson--Murfreesboro--Franklin, TN HUD Metro FMR Area

Investment Score for ZIP 37220

Monthly Rent (2BR)

$2,230

Median Price (2BR)

$518,955

1% Rule

0.43%

Annual Yield

5.16%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,940
1 Bedroom	$2,010
2 Bedrooms	$2,230
3 Bedrooms	$2,810
4 Bedrooms	$3,460
5 Bedrooms	$4,014
6 Bedrooms	$4,496
7 Bedrooms	$4,856
8 Bedrooms	$5,099

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$2,230	$518,955	0.43%	F
3BR	$2,810	$739,904	0.38%	F
4BR	$3,460	$1,116,377	0.31%	F
5BR	$4,014	$2,699,182	0.15%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

5,265

Median Household Income

$180,417

Housing Units

2,295

Renter Percentage

8.7%

Occupancy Rate

96.4%

Renter Occupied

193

The ZIP code 37220 is located in the heart of Nashville, Tennessee, offering a blend of urban living and suburban comfort. This area is characterized by its proximity to key business districts and cultural attractions, making it highly desirable for both residents and investors.

The Fair Market Rent (FMR) for a two-bedroom apartment in ZIP 37220 for fiscal year 2024 is set at $2,430.
The average market rent for a two-bedroom unit, according to the Census American Community Survey, stands at $2,208.
The median home value in this ZIP code is notably high, reaching $913,230.
Renters make up a smaller portion of the housing market here, with only 8.7% of households being renters.
The median income in ZIP 37220 is robust, at $180,417, indicating a strong financial base among its residents.
The days on market (DOM) for rental properties is not available, suggesting either limited data or a rapidly changing market.

Investors looking at ZIP 37220 will find that while the Fair Market Rent is slightly above the current market rent, the high median home values and strong median incomes suggest a stable and affluent residential environment. The low renter share indicates a preference for homeownership, which could influence demand for rentals. However, the robust financial health of the residents implies that those who do choose to rent are likely to be able to afford higher rents. For landlords and small-portfolio investors, the area presents opportunities for steady rental income, but they should be prepared for a competitive market with potentially quick turnovers.

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.