38029

ZIPSAFMR

Shelby County, TN

ZIP Investment Score

095130300

BR	FMR	Eff. Rent	3Y CAGR
0 BR	$1,390	$1,530	-1.6%
1 BR	$1,510	$1,660	-2.5%
2 BR	$1,670	$1,670	-3.2%
3 BR	$2,200	$1,830	-3.1%
4 BR	$2,570	$2,140	-3.2%
5 BR	$2,955	Not available	-3.2%
6 BR	$3,399	Not available	-3.2%
7 BR	$3,909	Not available	-3.2%
8 BR	$4,495	Not available	-3.2%

Purchase Price Calculator

Maximum purchase price

$186,245

Cost breakdown

+Likely effective rent$1,670

HUD FMR$1,670

Market rent$1,670

Est. payment standard (100%)Used$1,670

-Principal and interest-$942

Loan amount$148,996

Down payment$37,249

Rate6.50%

Term30 years

-Operating costs-$528

Property taxes-$186

Insurance-$175

Utilities$0

HOA$0

Management-$167

=Target cash flow+$200

Calculation mode

BedroomsCash-flow target

Down payment methodDown payment %

HOA / mo

Utilities methodUtilities amount

Management methodManagement % of rent

Hold period projections

Annual appreciation rate

3-year hold

+$26,859(72.1% ROI)

Projected value

$200,565

Return breakdown

Property appreciation+$14,320

Loan principal paid down+$5,338

Rental cash flow+$7,200

5-year hold

+$45,993(123.5% ROI)

Projected value

$210,719

Return breakdown

Property appreciation+$24,474

Loan principal paid down+$9,519

Rental cash flow+$12,000

10-year hold

+$98,847(265.4% ROI)

Projected value

$238,409

Return breakdown

Property appreciation+$52,164

Loan principal paid down+$22,683

Rental cash flow+$24,000

Public Housing Authority

Rolodex

Market Alignment

Studio

0.75ratio

FMR$1,390

Market$1,860

vs market-$470

FMR is below market; voucher rent may lag private rents.

0.75

1 BR

0.83ratio

FMR$1,510

Market$1,810

vs market-$300

FMR is below market; voucher rent may lag private rents.

0.83

2 BR

1.00ratio

FMR$1,670

Market$1,670

vs market+$0

FMR is near market; voucher and private rents are aligned.

1.00

3 BR

1.20ratio

FMR$2,200

Market$1,830

vs market+$370

FMR is above market; underwrite to market rent.

1.20

4 BR

1.20ratio

FMR$2,570

Market$2,140

vs market+$430

FMR is above market; underwrite to market rent.

1.20

0.700.800.901.001.101.201.30aligned range

Historical

FY 2023-2027

FMR: FY2027
Market rent: last ~365 days
Property value: --
Tax rate: --
Mortgage rate: --

ZIP 38029 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 38029 (Ellendale, TN) is $1,670 a month. That is down 9.7% from $1,850 in FY 2026. Ellendale 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 65 ZIP codes in Shelby County, 38029 has the 8th-highest two-bedroom rent (county range $1,000–$1,950). The median county two-bedroom FMR in Tennessee is $1,048, so ZIP 38029 is 59% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 38029
Bedrooms	FY 2026	FY 2027	Change	90–110% range
Studio	$1,540	$1,390	−9.7%	$1,251–$1,529
1BR	$1,670	$1,510	−9.6%	$1,359–$1,661
2BR	$1,850	$1,670	−9.7%	$1,503–$1,837
3BR	$2,440	$2,200	−9.8%	$1,980–$2,420
4BR	$2,850	$2,570	−9.8%	$2,313–$2,827

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 38029
Fiscal year	Studio	1BR	2BR	3BR	4BR
FY 2027	$1,390	$1,510	$1,670	$2,200	$2,570
FY 2026	$1,540	$1,670	$1,850	$2,440	$2,850
FY 2025	$1,560	$1,700	$1,910	$2,520	$2,950
FY 2024	$1,460	$1,630	$1,840	$2,420	$2,830
FY 2023	$1,120	$1,260	$1,440	$1,910	$2,220

Two-bedroom rent in nearby Shelby County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code	2 bedroom	vs. 38029
38002	$1,860	+11.4%
38004	$1,420	−15.0%
38011	$1,110	−33.5%
38016	$1,600	−4.2%
38017	$1,660	−0.6%
38018	$1,780	+6.6%
38027	$1,300	−22.2%
38028	$1,410	−15.6%
38029Current	$1,670	—
38053	$1,250	−25.1%
38054	$1,250	−25.1%
38055	$1,300	−22.2%

Questions about ZIP 38029 rents

How much will Section 8 pay for a two-bedroom in ZIP 38029?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,670, that basic range is $1,503 to $1,837 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 38029 in?

ZIP 38029 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 38029 for FY 2027?

The two-bedroom FMR fell 9.7%, from $1,850 in FY 2026 to $1,670 in FY 2027. Since FY 2023 it has risen 16.0%.

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 rent Ellendale, TN fair market rent TN statewide rents What is SAFMR?Data sources