Location: Nashville-Davidson--Murfreesboro--Franklin, TN | Metro: Nashville-Davidson--Murfreesboro--Franklin, TN HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,550 |
| 1 Bedroom | $1,620 |
| 2 Bedrooms | $1,760 |
| 3 Bedrooms | $2,260 |
| 4 Bedrooms | $2,740 |
| 5 Bedrooms | $3,178 |
| 6 Bedrooms | $3,559 |
| 7 Bedrooms | $3,844 |
| 8 Bedrooms | $4,036 |
U.S. Census Bureau data (2024)
The market analysis for Section 8 investors in ZIP code 37228 reveals a competitive but manageable environment for landlords. The HUD Fair Market Rent (FMR) for the area, set at $1570 for the fiscal year 2024, is slightly below the actual market rent, which stands at $1,669 according to ZORI data. This indicates that voucher tenants will typically cashflow marginally in this area, requiring landlords to maintain efficient cost management to ensure profitability.
The median home value in ZIP 37228 is listed as N/A, which means we cannot directly calculate a precise rent-to-price ratio. However, the lack of a reported median home value suggests that the area might be more oriented towards rental properties rather than homeownership. This absence also implies that the rent-vs-buy dynamics are skewed towards renting, making it a viable option for investors focusing on rental income.
The days on market (DOM) and price-cut share data are not available, which limits our ability to fully assess the buy-versus-rent dynamics. Nonetheless, the slight discrepancy between the HUD FMR and the actual market rent ($1570 vs. $1,669) suggests that landlords can expect a steady, albeit modest, cashflow from voucher tenants. While there is potential for appreciation in property values, the primary strength for investors in this area lies in the stability of cashflow from Section 8 vouchers.
The strongest investor angle in ZIP 37228 is stability, given the consistent demand for rental properties and the reliability of Section 8 vouchers in covering most of the rent costs.
Data Sources: FMR data from HUD (2027). 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.