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 38184 in fiscal year 2024 is set at $1300. This figure represents the payment standard for Section 8 housing assistance, meaning that if you participate in the program, the government will pay up to $1300 per month toward a tenant's rent. It is important to note that this does not mean your property must rent for exactly $1300; it is the ceiling for government payments.
To understand the potential demand for a Section 8 rental in this area, consider the percentage of renters who rely on such assistance. In ZIP 38184, the renter share is N/A%, indicating that N/A% of renters are likely to be looking for housing supported by Section 8 vouchers. This suggests a stable demand for affordable housing options.
When acquiring a new property, it is crucial to assess the initial investment required. The median home value in ZIP 38184 is N/A, which gives an idea of the typical cost to purchase a home in this area. However, the actual acquisition cost can vary widely based on the condition and location of the property.
A key factor to verify before committing to a Section 8 rental is whether your property meets the Housing Quality Standards (HQS). These standards ensure that the rental unit is safe and decent for tenants. Failure to meet these criteria can result in denial of tenancy, so it is essential to inspect and potentially upgrade your property to comply with HQS requirements.
In summary, the $1300 FMR in ZIP 38184 sets the limit for government payments under Section 8. With N/A% of renters relying on this assistance, there is a reliable demand for your property. Ensure your property meets the necessary HQS to avoid any complications once you decide to enter the Section 8 market.
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.