FMR is near market; voucher and private rents are aligned.
1.04
1 BR
1 BR
1.02ratio
FMR$1,140
Market$1,120
vs market+$20
FMR is near market; voucher and private rents are aligned.
1.02
2 BR
2 BR
1.03ratio
FMR$1,250
Market$1,210
vs market+$40
FMR is near market; voucher and private rents are aligned.
1.03
3 BR
3 BR
1.09ratio
FMR$1,650
Market$1,520
vs market+$130
FMR is near market; voucher and private rents are aligned.
1.09
4 BR
4 BR
0.93ratio
FMR$1,900
Market$2,050
vs market-$150
FMR is near market; voucher and private rents are aligned.
0.93
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 38054 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 38054 (Millington, TN) is $1,250 a month. That is down 0.8% from $1,260 in FY 2026. Millington 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, 38054 is tied for the 48th-highest two-bedroom rent (county range $1,000–$1,950). The median county two-bedroom FMR in Tennessee is $1,048, so ZIP 38054 is 19% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 38054
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,050
$1,050
0.0%
$945–$1,155
1BR
$1,140
$1,140
0.0%
$1,026–$1,254
2BR
$1,260
$1,250
−0.8%
$1,125–$1,375
3BR
$1,660
$1,650
−0.6%
$1,485–$1,815
4BR
$1,940
$1,900
−2.1%
$1,710–$2,090
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 38054
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,050
$1,140
$1,250
$1,650
$1,900
FY 2026
$1,050
$1,140
$1,260
$1,660
$1,940
FY 2025
$1,120
$1,220
$1,370
$1,800
$2,110
FY 2024
$1,080
$1,230
$1,400
$1,850
$2,150
FY 2023
$1,200
$1,360
$1,550
$2,050
$2,380
Two-bedroom rent in nearby Shelby County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 38054?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,250, that basic range is $1,125 to $1,375 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 38054 in?
ZIP 38054 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 38054 for FY 2027?
The two-bedroom FMR fell 0.8%, from $1,260 in FY 2026 to $1,250 in FY 2027. Since FY 2023 it has fallen 19.4%.
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