Location: Marshall County, TN | Metro: Maury County, 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 | $1,150 |
| 1 Bedroom | $1,170 |
| 2 Bedrooms | $1,320 |
| 3 Bedrooms | $1,680 |
| 4 Bedrooms | $2,010 |
| 5 Bedrooms | $2,332 |
| 6 Bedrooms | $2,612 |
| 7 Bedrooms | $2,821 |
| 8 Bedrooms | $2,962 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,680 | $434,041 | 0.39% | F |
U.S. Census Bureau data (2024)
The market in ZIP code 38451 presents a dynamic equilibrium between supply and demand, with slight indications that demand may be edging ahead. The Fair Market Rent (FMR) for the area stands at $1100 for fiscal year 2024, closely matching the reported market rent of $1,099 from the Census American Community Survey (ACS). This parity suggests that the rental market is responsive and efficient, with landlords pricing their units competitively.
A key indicator of market health is the 0.3% price-cut share, which is exceptionally low. This figure implies that landlords rarely need to lower their rents to attract tenants, a sign of steady demand. Additionally, the median home value of $436,590 reflects a stable property market, though without daily Days on Market (DOM) data, it's challenging to pinpoint the exact rate of home sales. However, the low price-cut share can be interpreted as a positive signal for home values, indicating that homes are selling close to their asking prices.
The renter share of 6.1% provides insight into the long-term housing pressures. While this percentage is relatively low, it signals a significant number of residents who prefer or require rental housing over homeownership. In areas with high renter shares, there tends to be greater housing pressure due to limited availability of affordable rental units. Conversely, a lower renter share could suggest that homeownership is more prevalent, which might reduce the immediate pressure on rental markets. Yet, the stability in rental prices and the low price-cut share indicate that even with a modest renter share, the demand for rental properties remains robust.
In summary, ZIP 38451 operates as a market where demand appears to be slightly outpacing supply, evidenced by the competitive rental prices and low necessity for price cuts. Landlords and small-portfolio investors should expect steady returns and maintain a keen eye on the local economic indicators and population trends to navigate potential shifts in the market dynamics.
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.