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Wilson County/Old Hickory/37138

37138

ZIPSAFMR
Wilson County, TN
Zillow

ZIP Investment Score

86Below average

095130300
BRFMR
Eff. Rent
0 BR$1,630$1,420
1 BR$1,700$1,580
2 BR$1,850$1,710
3 BR$2,380$2,170
4 BR$2,880$2,420
5 BR$3,312Not available
6 BR$3,809Not available
7 BR$4,380Not available
8 BR$5,037Not available

Purchase Price Calculator

Maximum purchase price
$192,189

Cost breakdown

+Likely effective rent$1,710
HUD FMR$1,850
Market rentUsed$1,710
Est. payment standard (95%)$1,760
-Principal and interest-$972
Loan amount$153,751
Down payment$38,438
Rate6.50%
Term30 years
-Operating costs-$538
Property taxes-$192
Insurance-$175
Utilities$0
HOA$0
Management-$171
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$27,486(71.5% ROI)
Projected value
$206,966
Return breakdown
Property appreciation+$14,778
Loan principal paid down+$5,509
Rental cash flow+$7,200
5-year hold
+$47,078(122.5% ROI)
Projected value
$217,444
Return breakdown
Property appreciation+$25,255
Loan principal paid down+$9,823
Rental cash flow+$12,000
10-year hold
+$101,236(263.4% ROI)
Projected value
$246,018
Return breakdown
Property appreciation+$53,829
Loan principal paid down+$23,407
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.15
1 BR
1.08
2 BR
1.08
3 BR
1.10
4 BR
1.19
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 37138 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 37138 (Old Hickory, TN) is $1,850 a month. That is up 6.9% from $1,730 in FY 2026. Old Hickory is in the Nashville-Davidson--Murfreesboro--Franklin, TN HUD Metro FMR Area, where HUD requires housing authorities to set voucher payment standards by ZIP code using Small Area FMRs. Among 13 ZIP codes in Wilson County, 37138 has the 2nd-highest two-bedroom rent (county range $1,190–$2,280). The median county two-bedroom FMR in Tennessee is $1,048, so ZIP 37138 is 77% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 37138
BedroomsFY 2027Change90–110% range
Studio$1,630+7.9%$1,467–$1,793
1BR$1,700+7.6%$1,530–$1,870
2BR$1,850+6.9%$1,665–$2,035
3BR$2,380+7.7%$2,142–$2,618
4BR$2,880+6.7%$2,592–$3,168

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 37138
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,630$1,700$1,850$2,380$2,880
FY 2026$1,510$1,580$1,730$2,210$2,700
FY 2025$1,550$1,610$1,780$2,250$2,770
FY 2024$1,380$1,420$1,590$2,000$2,440
FY 2023$1,240$1,270$1,430$1,790$2,210

Two-bedroom rent in nearby Wilson County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 37138
37016$1,350−27.0%
37076$1,840−0.5%
37085$1,600−13.5%
37087$1,400−24.3%
37088$1,700−8.1%
37090$1,700−8.1%
37095$1,190−35.7%
37118$1,260−31.9%
37121$1,700−8.1%
37122$2,280+23.2%
37138Current$1,850—
37184$1,190−35.7%

Questions about ZIP 37138 rents

How much will Section 8 pay for a two-bedroom in ZIP 37138?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,850, that basic range is $1,665 to $2,035 a month. The voucher pays the lower of the payment standard or the gross rent, minus the tenant's share, which is usually about 30% of adjusted monthly income. Confirm the local housing authority's current schedule before underwriting.

Which HUD fair market rent area is ZIP 37138 in?

ZIP 37138 is in the Nashville-Davidson--Murfreesboro--Franklin, TN HUD Metro FMR Area. HUD requires Small Area FMRs in this area, so payment standards are set by ZIP code.

How much did fair market rent change in ZIP 37138 for FY 2027?

The two-bedroom FMR rose 6.9%, from $1,730 in FY 2026 to $1,850 in FY 2027. Since FY 2023 it has risen 29.4%.

When do FY 2027 fair market rents take effect?

HUD's FY 2027 fair market rents took effect on October 1, 2026. When FMRs change, housing authorities generally have up to three months to bring payment standards back within 90% to 110% of the new FMR.

Source: HUD FY 2027 Small Area Fair Market Rents and area FMRs. Payment-standard ranges are 90% to 110% of FMR, HUD's basic range, not a housing authority's published schedule. How payment standards are set

County fair market rentOld Hickory, TN fair market rentTN statewide rentsWhat is SAFMR?Data sources