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 |
The ZIP code 38157 in Memphis County, Tennessee, stands out due to limited available data regarding its resident population, rental percentage, median income, and median home value. This scarcity suggests that the area might be underrepresented in larger datasets, which could mean unique opportunities for landlords and small-portfolio investors.
Moving to the voucher economics, the Fair Market Rent (FMR) for ZIP 38157 is set at $1300 for the fiscal year 2024. This figure represents the maximum amount that the U.S. Department of Housing and Urban Development (HUD) will pay landlords who participate in the Section 8 program. Despite the lack of specific market rent data for comparison, the FMR can serve as a benchmark for setting rental prices within the portfolio, ensuring compliance with HUD standards and maximizing the potential for consistent tenant support through vouchers.
Given the incomplete data signature, it's challenging to definitively label ZIP 38157 as either stable or transitional. However, the absence of detailed economic indicators often points towards an area that is evolving, where there might be emerging trends or shifts in the local housing market. Landlords and investors should monitor local real estate developments closely to make informed decisions about their investments in this ZIP code.
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.