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 Fair Market Rent (FMR) for ZIP code 38177 in Tennessee for fiscal year 2024 is set at $1300. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 program. It's important to note that this is not necessarily the rent you will receive; it's a benchmark used to determine the highest allowable rent for subsidized units.
To understand the implications of this FMR, let's compare it to the average market rent in ZIP 38177, which is currently not available (N/A). However, given the FMR, we can infer that the average market rent might be higher or lower depending on the local housing market conditions. The FMR is designed to reflect the typical rents in an area, but it does not always match the exact median rent due to various factors including the timing of updates and regional differences.
The percentage of renters in ZIP 38177 who could potentially benefit from the Section 8 program is also not available (N/A%). This metric would typically indicate the demand for subsidized housing. If there were a high percentage of eligible renters, it would suggest strong demand for Section 8 properties in the area. Conversely, a low percentage might mean less demand. Since this data point is unavailable, it's crucial to research the local rental market to gauge the potential demand.
The median home value in ZIP 38177 is not available (N/A). This figure is important because it gives insight into the acquisition cost of properties. If the median home value is significantly lower than the FMR, it might indicate that buying a property for Section 8 could be financially viable. However, without this specific data, landlords should consider other factors such as property taxes, maintenance costs, and vacancy rates when evaluating the overall profitability of a Section 8 rental.
Before committing to your first Section 8 rental in ZIP 38177, ensure that the property meets all Housing Quality Standards (HQS). These standards are set by the U.S. Department of Housing and Urban Development (HUD) and must be satisfied before a unit can be leased through the Section 8 program. Verifying compliance with HQS upfront will save time and prevent costly rejections later in the process.
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.