FMR is below market; voucher rent may lag private rents.
0.51
1 BR
1 BR
0.56ratio
FMR$960
Market$1,710
vs market-$750
FMR is below market; voucher rent may lag private rents.
0.56
2 BR
2 BR
0.60ratio
FMR$1,050
Market$1,760
vs market-$710
FMR is below market; voucher rent may lag private rents.
0.60
3 BR
3 BR
0.77ratio
FMR$1,390
Market$1,800
vs market-$410
FMR is below market; voucher rent may lag private rents.
0.77
4 BR
4 BR
0.73ratio
FMR$1,600
Market$2,200
vs market-$600
FMR is below market; voucher rent may lag private rents.
0.73
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
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ZIP 38048 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 38048 (Macon, TN) is $1,050 a month. That is down 0.9% from $1,060 in FY 2026. Macon 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, 38048 has the 11th-highest two-bedroom rent (county range $1,000–$1,860).
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 38048
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$860
$880
+2.3%
$792–$968
1BR
$940
$960
+2.1%
$864–$1,056
2BR
$1,060
$1,050
−0.9%
$945–$1,155
3BR
$1,390
$1,390
0.0%
$1,251–$1,529
4BR
$1,620
$1,600
−1.2%
$1,440–$1,760
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 38048
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$880
$960
$1,050
$1,390
$1,600
FY 2026
$860
$940
$1,060
$1,390
$1,620
FY 2025
$930
$1,040
$1,170
$1,540
$1,800
FY 2024
$850
$940
$1,070
$1,410
$1,640
FY 2023
$660
$740
$850
$1,120
$1,300
Two-bedroom rent in nearby Fayette County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 38048?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,050, that basic range is $945 to $1,155 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 38048 in?
ZIP 38048 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 38048 for FY 2027?
The two-bedroom FMR fell 0.9%, from $1,060 in FY 2026 to $1,050 in FY 2027. Since FY 2023 it has risen 23.5%.
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