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Tipton County/Covington/38019

38019

ZIPSAFMR
Tipton County, TN
Zillow

ZIP Investment Score

93Below average

095130300
BRFMR
Eff. Rent
0 BR$860$950
1 BR$930$1,020
2 BR$1,020$1,110
3 BR$1,350$1,380
4 BR$1,550$1,520
5 BR$1,782Not available
6 BR$2,050Not available
7 BR$2,357Not available
8 BR$2,711Not available

Purchase Price Calculator

Maximum purchase price
$103,029

Cost breakdown

+Likely effective rent$1,110
HUD FMR$1,020
Market rent$1,160
Est. payment standard (109%)Used$1,110
-Principal and interest-$521
Loan amount$82,423
Down payment$20,606
Rate6.50%
Term30 years
-Operating costs-$389
Property taxes-$103
Insurance-$175
Utilities$0
HOA$0
Management-$111
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$18,075(87.7% ROI)
Projected value
$110,951
Return breakdown
Property appreciation+$7,922
Loan principal paid down+$2,953
Rental cash flow+$7,200
5-year hold
+$30,805(149.5% ROI)
Projected value
$116,568
Return breakdown
Property appreciation+$13,539
Loan principal paid down+$5,266
Rental cash flow+$12,000
10-year hold
+$65,405(317.4% ROI)
Projected value
$131,886
Return breakdown
Property appreciation+$28,857
Loan principal paid down+$12,548
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
0.74
1 BR
0.79
2 BR
0.88
3 BR
0.97
4 BR
1.02
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 38019 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 38019 (Covington, TN) is $1,020 a month. That is down 3.8% from $1,060 in FY 2026. Covington is in the Memphis, TN-MS-AR HUD Metro FMR Area, where HUD requires housing authorities to set voucher payment standards by ZIP code using Small Area FMRs. Among 9 ZIP codes in Tipton County, 38019 has the 8th-highest two-bedroom rent (county range $1,000–$1,420). The median county two-bedroom FMR in Tennessee is $1,048, so ZIP 38019 is 3% below it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 38019
BedroomsFY 2027Change90–110% range
Studio$860+2.4%$774–$946
1BR$930−1.1%$837–$1,023
2BR$1,020−3.8%$918–$1,122
3BR$1,350−2.9%$1,215–$1,485
4BR$1,550−4.3%$1,395–$1,705

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 38019
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$860$930$1,020$1,350$1,550
FY 2026$840$940$1,060$1,390$1,620
FY 2025$930$1,040$1,170$1,540$1,800
FY 2024$820$910$1,030$1,360$1,580
FY 2023$630$720$830$1,100$1,270

Two-bedroom rent in nearby Tipton County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 38019
38004$1,420+39.2%
38011$1,110+8.8%
38015$1,000−2.0%
38019Current$1,020—
38023$1,250+22.5%
38049$1,140+11.8%
38053$1,250+22.5%
38058$1,220+19.6%
38069$1,170+14.7%

Questions about ZIP 38019 rents

How much will Section 8 pay for a two-bedroom in ZIP 38019?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,020, that basic range is $918 to $1,122 a month. The voucher pays the lower of the payment standard or the gross rent, minus the tenant's share, which is usually about 30% of adjusted monthly income. Confirm the local housing authority's current schedule before underwriting.

Which HUD fair market rent area is ZIP 38019 in?

ZIP 38019 is in the Memphis, TN-MS-AR HUD Metro FMR Area. HUD requires Small Area FMRs in this area, so payment standards are set by ZIP code.

How much did fair market rent change in ZIP 38019 for FY 2027?

The two-bedroom FMR fell 3.8%, from $1,060 in FY 2026 to $1,020 in FY 2027. Since FY 2023 it has risen 22.9%.

When do FY 2027 fair market rents take effect?

HUD's FY 2027 fair market rents took effect on October 1, 2026. When FMRs change, housing authorities generally have up to three months to bring payment standards back within 90% to 110% of the new FMR.

Source: HUD FY 2027 Small Area Fair Market Rents and area FMRs. Payment-standard ranges are 90% to 110% of FMR, HUD's basic range, not a housing authority's published schedule. How payment standards are set

County fair market rentCovington, TN fair market rentTN statewide rentsWhat is SAFMR?Data sources