Location: Moore County, TN | Metro: Franklin County, TN
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 | $820 |
| 1 Bedroom | $830 |
| 2 Bedrooms | $1,080 |
| 3 Bedrooms | $1,430 |
| 4 Bedrooms | $1,800 |
| 5 Bedrooms | $2,088 |
| 6 Bedrooms | $2,339 |
| 7 Bedrooms | $2,526 |
| 8 Bedrooms | $2,652 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,080 | $236,206 | 0.46% | F |
| 3BR | $1,430 | $356,098 | 0.4% | F |
| 4BR | $1,800 | $589,847 | 0.31% | F |
| 5BR | $2,088 | $799,173 | 0.26% | F |
U.S. Census Bureau data (2024)
A household in Winchester, TN, with a median income of $63,730, faces significant challenges in affording the market rate rent of $944 per month. This financial strain becomes even more pronounced when considering that the Fair Market Rent (FMR) set at $990 for the fiscal year 2026 is higher than the current market rate.
The affordability gap is stark. A family earning the median income would spend nearly half their monthly earnings on rent alone, which is unsustainable. This indicates that many renters might struggle to pay market rates without assistance. In a town where 22.9% of the 15,755 population are renters, the competition for tenants willing and able to pay market rates is fierce.
Landlords must consider these dynamics carefully when deciding between accepting vouchers or focusing on cash-paying tenants. Vouchers, which are typically closer to the FMR of $990, offer a steady stream of income guaranteed by the government, albeit subject to administrative requirements. Cash-paying tenants might offer slightly higher rents but come with the risk of higher vacancy rates due to the limited financial capacity of many local households.
The takeaway for landlords is clear: in Winchester, TN, accepting Section 8 vouchers can be a viable strategy to ensure consistent occupancy and income. However, those who aim to capture the market rate should prepare for a highly competitive environment and potentially lower occupancy rates. Landlords should also be aware of the local demand for affordable housing and adjust their rental offerings accordingly to maximize their chances of finding suitable tenants.
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.