Section 8 Fair Market Rent (FMR) for ZIP 38015 - 2027

Location: Memphis, TN | Metro: Memphis, TN-MS-AR HUD Metro FMR Area

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$840
1 Bedroom	$910
2 Bedrooms	$1,000
3 Bedrooms	$1,310
4 Bedrooms	$1,510
5 Bedrooms	$1,752
6 Bedrooms	$1,962
7 Bedrooms	$2,119
8 Bedrooms	$2,225

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

1,950

Median Household Income

$69,141

Housing Units

939

Renter Percentage

21.7%

Occupancy Rate

91.9%

Renter Occupied

187

Housing Authorities Serving ZIP 38015

Covington Housing Authority (Covington, TN)

The ZIP code 38015, located in Gibson County, Tennessee, offers a stable real estate market that is particularly favorable for rental investments. The area is characterized by a mix of suburban and rural living, providing a quiet environment for tenants while offering landlords a consistent source of income.

The Fair Market Rent (FMR) for ZIP 38015 in fiscal year 2024 is set at $950, indicating the government's benchmark for rental rates in the area.
The market rent, according to the latest Census ACS data, stands at $906, slightly below the FMR but still reflective of the local rental demand.
The median home value in the area is $234,878, which provides a reasonable entry point for investors looking to purchase properties.
Renters make up 21.7% of the housing market, suggesting a steady pool of potential tenants.
The median income of residents in ZIP 38015 is $69,141, which supports the ability of tenants to meet rental obligations.
While the Days on Market (DOM) figure is currently listed as N/A, this could indicate a healthy absorption rate for newly listed rental properties, although further investigation would be needed to confirm.

In summary, ZIP 38015 presents a balanced opportunity for real estate investment, especially in the rental sector. With a median home value that is accessible for many investors and a fair market rent that aligns closely with the actual market rent, there is potential for positive cash flow. The median income level suggests that tenants can afford the rents, and the relatively high renter share indicates a strong demand for rental properties. Despite the lack of specific DOM data, the overall economic indicators point towards a stable and promising investment environment.

Data Sources: FMR data from HUD (2027). 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.