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 | $1,020 |
| 1 Bedroom | $1,030 |
| 2 Bedrooms | $1,220 |
| 3 Bedrooms | $1,540 |
| 4 Bedrooms | $1,730 |
| 5 Bedrooms | $2,007 |
| 6 Bedrooms | $2,248 |
| 7 Bedrooms | $2,428 |
| 8 Bedrooms | $2,549 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,540 | $342,048 | 0.45% | F |
U.S. Census Bureau data (2024)
The ZIP code 38472 has a population of 2,464 individuals, with 14.8% being renters. This indicates that it is not a renter-heavy area but rather a community where homeownership is more prevalent. The median household income in this ZIP code stands at $69,861, which provides insight into the economic conditions of the residents.
When considering the market rent of $748, it represents approximately 12.9% of the median household income. This suggests that typical rent consumes a reasonable portion of the average resident's earnings, making it manageable for most households without causing undue financial strain.
In comparison to the Fair Market Rent (FMR) figure of $1340, the actual market rent of $748 is significantly lower. This discrepancy highlights that the local rental market is less expensive than the benchmark set by HUD, indicating potential opportunities for landlords to offer competitive rents while still attracting tenants.
The FMR is a crucial metric for landlords because it defines the maximum allowable rent for Section 8 vouchers. In ZIP 38472, landlords can expect a tenant pool that primarily relies on the $748 market rent, which is well below the FMR threshold. This means that landlords have flexibility in setting their rental rates, as long as they remain within the FMR limit.
A landlord in ZIP 38472 should anticipate tenants who are financially stable enough to afford market rents without needing the full voucher amount. These tenants are likely to be families or individuals who benefit from the government assistance program but also have additional income sources, allowing them to cover the difference between the market rent and the voucher subsidy. The relatively low market rent compared to the FMR suggests that landlords can attract tenants who are both financially capable and benefit from the voucher system, creating a balanced and sustainable rental environment.
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.