Section 8 Fair Market Rent (FMR) for ZIP 38007 - 2027

FY 2027 Fair Market Rent Rates

The ZIP code 38007, located in Memphis, Tennessee, is a vibrant urban area with a mix of residential neighborhoods and commercial developments. It offers investors a unique opportunity to engage with a diverse tenant base and potentially benefit from the city's economic growth.

• The Fair Market Rent (FMR) for a two-bedroom apartment in the metro area for fiscal year 2026 is set at $930, providing a benchmark for rental pricing in the region.
• The market rent for properties in ZIP 38007 is currently unavailable, which suggests that there might be limited data on recent rental transactions or a need for further investigation into local trends.
• The median home value for ZIP 38007 is also not available, indicating that the area may have a significant number of renters rather than homeowners, though the exact percentage of renter share is unspecified.
• The days on market (DOM) figure is not available, which could imply that the local real estate market is either highly competitive or has unique dynamics affecting property listings and sales.
• The median household income for the area is not specified, but it is crucial for investors to understand the financial capacity of potential tenants and the broader economic health of the neighborhood.

Despite the lack of some key metrics such as market rent and median home values, the high Fair Market Rent indicates strong demand for affordable housing in ZIP 38007. Investors should focus on gathering additional local data to better assess rental trends and property values, ensuring their investments align with the actual economic conditions and tenant needs of the area.

Data Sources: FMR data from HUD (2027).

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.