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 38173 in Tennessee lacks comprehensive demographic data, including population size, percentage of renters, and median household income. This scarcity of information makes it challenging to definitively characterize the ZIP as either renter-heavy or homeowner-dominated. However, we can still analyze the potential impact of Section 8 vouchers on the local rental market.
Despite the absence of specific local rent figures, we can infer that the availability of vouchers might influence rental demand. The Fair Market Rent (FMR) for the area, set at $1300 for fiscal year 2024, serves as a benchmark for assessing the affordability of housing for low-income tenants. Landlords in ZIP 38173 should consider setting their rents below or at this FMR to attract and retain tenants who rely on vouchers.
To understand the financial implications for potential tenants, let's assume a median household income that aligns with typical low-income thresholds. If we take an illustrative median income of $26,000 per year, which is half the FMR threshold for a four-person household, then the annual cost of renting at the FMR would be approximately $15,600. This represents roughly 60% of the assumed median income, indicating that rent could consume a significant portion of a tenant's earnings.
Landlords in ZIP 38173 should anticipate tenants who are financially dependent on government assistance such as Section 8 vouchers. These tenants will likely have a documented need for affordable housing and will be subject to regular income verification. It is crucial for landlords to ensure that their properties meet the Housing Quality Standards (HQS) required by the Section 8 program to qualify for voucher use.
In conclusion, while specific local rent and income data are unavailable, the presence of Section 8 vouchers suggests a market where affordability is a key concern. With the FMR at $1300, landlords must prepare for tenants whose incomes significantly influence their ability to pay rent. They should focus on maintaining properties that comply with HQS standards and be ready to manage a tenant pool that relies heavily on rental assistance programs.
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.