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 |
ZIP code 38190, located within the Memphis, TN-MS-AR HUD Metro FMR Area, has a Fair Market Rent (FMR) of $1300 for fiscal year 2024. This figure places it at the lower end of the typical FMR range observed across ZIP codes within the broader Memphis metropolitan area. While specific market rents, home values, and renter shares are not available for ZIP 38190, the low FMR suggests that it may be considered a value pocket within its larger metro context.
The Memphis, TN-MS-AR HUD Metro FMR Area generally reflects a diverse housing market with varying levels of affordability and desirability. Typically, ZIP codes with higher FMRs are associated with more desirable neighborhoods that offer better amenities, school districts, and overall quality of life, thus commanding higher rents and home values. Conversely, ZIP codes with lower FMRs, such as 38190, tend to be more affordable but might lack some of the advantages found in higher-FMR areas.
The absence of specific market rent and home value data for ZIP 38190 makes it difficult to draw direct comparisons with other ZIP codes within the Memphis metropolitan area. However, the low FMR can be indicative of an area where rental properties are particularly attractive to tenants seeking affordable housing options. Given that the renter share is also unspecified, it's prudent to consider that a significant portion of residents may rely on government assistance programs like Section 8, which would align with the characteristics of a value pocket.
A value pocket typically features below-average home values and rents within a given metro, attracting a higher percentage of renters who may benefit from subsidies. The unknown but likely substantial renter share in ZIP 38190, combined with the below-average FMR, suggests that it could be a sweet spot for landlords and small-portfolio investors looking to serve tenants eligible for Section 8 vouchers. This ZIP code represents an opportunity to cater to a segment of the population that requires affordable housing options, thereby potentially securing steady occupancy rates.
In conclusion, ZIP 38190 appears to be a value pocket within the Memphis, TN-MS-AR HUD Metro FMR Area, characterized by its relatively low FMR of $1300. This positioning can be advantageous for investors targeting affordability and government-assisted tenants, though further data on market rents and home values would provide a clearer picture of its overall market dynamics.
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.