Location: Memphis, TN | Metro: Memphis, TN-MS-AR HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $880 |
| 1 Bedroom | $960 |
| 2 Bedrooms | $1,050 |
| 3 Bedrooms | $1,390 |
| 4 Bedrooms | $1,600 |
| 5 Bedrooms | $1,856 |
| 6 Bedrooms | $2,079 |
| 7 Bedrooms | $2,245 |
| 8 Bedrooms | $2,357 |
To classify ZIP 38048 in Unknown, TN, we need to analyze the available data points concerning yield and stability. The Fair Market Rent (FMR) for ZIP 38048 in fiscal year 2024 is set at $1,070. This figure represents the maximum amount that a landlord can charge for a rental unit under the Section 8 program. However, due to the lack of specific market rent and home value data, it's challenging to provide a direct comparison for yield analysis.
The FMR of $1,070 suggests that landlords can expect a certain level of cash flow from tenants participating in the Section 8 program. Without the market rent data, we cannot determine if this area is a high-yield market relative to non-subsidized rentals. Additionally, the absence of home value data prevents us from assessing whether properties in this ZIP code offer opportunities for flipping or other forms of investment based on appreciation potential.
Regarding stability, the provided dataset lacks percentages of renters, days on market (DOM), and median income figures. These metrics are crucial for understanding the financial health and reliability of tenants in the area. Without these data points, it's impossible to make a definitive call on the stability of the rental market in ZIP 38048.
In summary, while ZIP 38048 offers a clear yield benchmark through its FMR of $1,070, the missing market-specific data points prevent a comprehensive classification of the market. The current information leans towards a steady-cashflow zone for landlords participating in the Section 8 program, given the fixed nature of the FMR. However, to fully assess whether this is a high-yield/low-stability market or a more balanced opportunity, additional data on local market rents, property values, and tenant demographics would be necessary.
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.