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Fayette County/Gallaway/38036

38036

ZIPSAFMR
Fayette County, TN
Zillow

ZIP Investment Score

96Above average

095130300
BRFMR
Eff. Rent
0 BR$1,500$1,650
1 BR$1,620$1,780
2 BR$1,780$1,760
3 BR$2,350$1,920
4 BR$2,700$2,560
5 BR$3,105Not available
6 BR$3,571Not available
7 BR$4,106Not available
8 BR$4,722Not available

Purchase Price Calculator

Maximum purchase price
$199,619

Cost breakdown

+Likely effective rent$1,760
HUD FMR$1,780
Market rentUsed$1,760
Est. payment standard (99%)$1,770
-Principal and interest-$1,009
Loan amount$159,695
Down payment$39,924
Rate6.50%
Term30 years
-Operating costs-$551
Property taxes-$200
Insurance-$175
Utilities$0
HOA$0
Management-$176
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$28,270(70.8% ROI)
Projected value
$214,968
Return breakdown
Property appreciation+$15,349
Loan principal paid down+$5,721
Rental cash flow+$7,200
5-year hold
+$48,434(121.3% ROI)
Projected value
$225,850
Return breakdown
Property appreciation+$26,232
Loan principal paid down+$10,203
Rental cash flow+$12,000
10-year hold
+$104,222(261.1% ROI)
Projected value
$255,529
Return breakdown
Property appreciation+$55,910
Loan principal paid down+$24,312
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
0.77
1 BR
0.77
2 BR
1.01
3 BR
1.22
4 BR
1.05
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 38036 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 38036 (Gallaway, TN) is $1,780 a month. That is unchanged from FY 2026. Gallaway 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 16 ZIP codes in Fayette County, 38036 has the 3rd-highest two-bedroom rent (county range $1,000–$1,860). The median county two-bedroom FMR in Tennessee is $1,048, so ZIP 38036 is 70% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 38036
BedroomsFY 2027Change90–110% range
Studio$1,500+1.4%$1,350–$1,650
1BR$1,620+0.6%$1,458–$1,782
2BR$1,7800.0%$1,602–$1,958
3BR$2,3500.0%$2,115–$2,585
4BR$2,700−1.5%$2,430–$2,970

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 38036
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,500$1,620$1,780$2,350$2,700
FY 2026$1,480$1,610$1,780$2,350$2,740
FY 2025$1,480$1,610$1,810$2,390$2,800
FY 2024$720$820$930$1,230$1,430
FY 2023$630$720$830$1,100$1,270

Two-bedroom rent in nearby Fayette County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 38036
38017$1,660−6.7%
38028$1,410−20.8%
38036Current$1,780—
38039$1,000−43.8%
38042$1,270−28.7%
38046$1,000−43.8%
38048$1,050−41.0%
38049$1,140−36.0%
38057$1,000−43.8%
38060$1,790+0.6%
38066$1,000−43.8%
38068$1,000−43.8%

Questions about ZIP 38036 rents

How much will Section 8 pay for a two-bedroom in ZIP 38036?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,780, that basic range is $1,602 to $1,958 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 38036 in?

ZIP 38036 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 38036 for FY 2027?

The two-bedroom FMR was unchanged at $1,780 in FY 2027. Since FY 2023 it has risen 114.5%.

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