FY2027 Small Area FMR · Cowan, TN

ZIP 37318 Fair Market Rent & Payment Standards

HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 37318 (Cowan, TN) is $1,000 a month, up 7.5% from FY2026. That is 6% below the Franklin County, TN area-wide FMR of $1,060.

2-bedroom SAFMR$1,000per month ▲ 7.5%

Area-wide 2 BR FMR$1,060Franklin County, TN

Rank in the area14thof 17 ZIP codes

Payment standard range, 2 bedrooms

90% of SAFMR$900

2 BR Small Area FMR$1,000

110% of SAFMR$1,100

Housing agencies may set voucher payment standards anywhere from 90% to 110% of the FMR without asking HUD.

Studio$760▲ 8.6%

1 BR$760▲ 8.6%

2 BR$1,000▲ 7.5%

3 BR$1,320▲ 7.3%

4 BR$1,660▲ 8.5%

FY2027 FY2026

Where 37318 sits in the Franklin County, TN area

Of the 17 ZIP codes HUD lists for the area, 37318 has the 14th highest two-bedroom Small Area FMR. Franklin County, TN is not on HUD's list of mandatory Small Area FMR areas, so voucher payment standards here are normally based on the area-wide FMR of $1,060 for two bedrooms; an agency that opts in to Small Area FMRs would use $1,000 for this ZIP code instead.

All unit sizes

Monthly gross rent including utilities
Unit	FY2027 SAFMR	Payment standard range	Area-wide FMR	FY2026 SAFMR
Studio	$760	$684 – $836	$805	$700
1 bedroom	$760	$684 – $836	$810	$700
2 bedrooms	$1,000	$900 – $1,100	$1,060	$930
3 bedrooms	$1,320	$1,188 – $1,452	$1,403	$1,230
4 bedrooms	$1,660	$1,494 – $1,826	$1,772	$1,530

A household renting a two-bedroom home at the Small Area FMR of $1,000 needs about $40,000 a year to keep housing costs at 30% of income. The area median family income is $83,300 and the 80% low-income limit for four people is $66,650. ZIP code 37318 lies mainly in Franklin County. See the Franklin County, TN county page for the full income limits table and the household check.

Nearby ZIP codes

ZIP	Place	Distance	2 BR SAFMR
37324	Decherd	4.3 mi	$1,020
37383	Sewanee	5.0 mi	$1,570
37375	Sewanee	6.1 mi	$1,570
37398	Winchester	8.2 mi	$1,080
37376	Sherwood	9.2 mi	$1,180
37356	Monteagle	10.2 mi	$1,000

Questions

What is the Fair Market Rent for ZIP code 37318?

HUD's FY2027 Small Area Fair Market Rents for 37318 are $760 (studio), $760 (1 BR), $1,000 (2 BR), $1,320 (3 BR) and $1,660 (4 BR) a month.

What is the Section 8 payment standard in 37318?

Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 37318 that range is $900 to $1,100 if the agency uses Small Area FMRs. Ask your housing agency for its actual payment standard.

Which income limits apply in 37318?

The FY2026 income limits of the Franklin County, TN area apply: median family income $83,300, low-income (80%) limit $66,650 for a family of four.