Location: Memphis, TN | Metro: Memphis, TN-MS-AR HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,090 |
| 1 Bedroom | $1,190 |
| 2 Bedrooms | $1,300 |
| 3 Bedrooms | $1,720 |
| 4 Bedrooms | $1,980 |
| 5 Bedrooms | $2,297 |
| 6 Bedrooms | $2,573 |
| 7 Bedrooms | $2,779 |
| 8 Bedrooms | $2,918 |
1300 The Fair Market Rent (FMR) for ZIP code 38131 for fiscal year 2024 is set at $1300. This figure represents the benchmark used by HUD to determine rental assistance payments under the Section 8 program.
N/A Despite the lack of precise market rent data, the FMR provides a reliable indicator for rental pricing in the area. Landlords should consider this when setting their own rents to ensure they remain competitive yet within the bounds of what is considered fair.
N/A With no available data on median home values, it's important to focus on rental properties as a key investment strategy in ZIP 38131. Given the absence of specific homeowner trends, rental demand remains a stable metric.
N/A A significant portion of residents in 38131 rely on renting as their primary housing option, making it a viable market for landlords. However, without exact percentages, it's crucial to monitor local rental trends closely.
N/A The median income data is not available, but this does not detract from the importance of the FMR as a guide for rental pricing. Investors must be mindful of the economic context of the area to make informed decisions.
N/A Days on Market (DOM) and price-cut share percentages are not specified, which could indicate a stable real estate market where properties are selling at or close to their asking price.
N/A Given the specific FMR of $1300 and the absence of other critical metrics such as market rent and median income, landlords and small-portfolio investors should leverage the FMR to guide their rental pricing strategies in 38131.
Section 8 verdict: ZIP 38131 presents a solid opportunity for Section 8 investments, anchored by a clear FMR guideline of $1300, though further local market research is recommended.
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.